Hackers on the rampage again, 59M $ Stolen

[dablatair]

Hello,

It is really huge amount and I'm again surprised by this kind of amount that hackers could steal from exchanges. If this kind of exchange have so much money, just a part of course, how could they don't spend the required one to securize their exchange. It is not so easy to fight hackers because they always find new solutions but i really think that they don't enough take care of their security.

I reall yhope that the customer will be refund because it is not their fault.

[burky156]

Every new day somewhere gets hacked and it will not going to stop it seems that way. I don't understand the hackers. How would they can live with stealing other people moneys? Do they have heart? They are some kind animals for me because i would never forget if i steal something from someone, and i felt very bad forever..

[zhanyiguai261315]

The cryptocurrency is anonymous. The hacker steals the cryptocurrency of the exchange and can easily become a legal currency!
There are loopholes in the regulation of cryptocurrencies, so hackers like to attack the exchange to steal a lot of cryptocurrencies!

[coin-investor]

This exchange hacking is endless I thought it will never happen again because this should be the first concern of these exchanges, people now will be very choosy trading and storing their coins/tokens to these exchanges, could be another inside job, japanese people are known to be good when it comes to security.

[pawanjain]

I saw this going through my Reddit early news. I don't think this will have any negative impact on the market.
I have always wonder the security level of Cryptocurrency exchanges. Although am not a Cyber-security expert, but have once heard of something called "multiple signature" been required for withdrawal.  Such fear of exchanges been hacked is a course for concern for someone wanting to invest big in the market. My take is that: for now, use well trusted exchanges that have zero tolerance for security breaches, and try not to leave too much fund in an exchange. I hope customers get compensated since it's a management lapses. 

I don't think any exchange will assure us of zero tolerance towards security breaches. It is the sole risk of the investor to deposit an amount in the exchange. As you said, it is the best if we don't deposit a huge amount of money in any exchange. Even if we want to then it would be better if we just deposit it and make the trade and then move it back to a secure wallet where we own  the private key of the wallet.

[BitBite5]

You can't stop hackers, but you can protest yourself to become a victim.
That especially refers to exchanges who have the duty to implement maximum protection and take care of security features. Everyone is vulnerable but you have to do your best for prevention.
Still I don't think this will affect the price.

[sukoyomi]

I don't know whether the news is true or not. what is clear when the price of bitcoin drops, there is always bad news coming about bitcoin. but in the end bitcoin will recover as before. My advice is not to sell your bitcoin now, because they want it.

[hh4mmm]

That is why I have been saying that leaving funds in cryptocurrency exchange is very risky.. because sometimes security is one of the major problem, so we have to try our best, moreover this can't just affect the Market, for the past three to four months now the Market has been in bearish.

[tee-rex]

The problem with all these hacks is that it puts people off, especially traditional investors and newbies into investing in the crypto markets. New people whenever they hear of hacks get very scared and this needs to be resolved and exchanges must be held accountable for what is going on in their back yards. I also believe that many of these exchange hacks are done from insiders to be honest, or someone inside who knows someone form outside. It's too tempting for an employee earning a grand a month to want to steal millions and do ti through some hacker friend. Most young folks want fast and easy money nowadays without having worked for it.

You can now have multisignature addresses, which means you need a few persons to collude in order to pull off a successful inside job. Multisignature addresses massively lower the possibility for this attack vector as it requires more than one key to authorize a Bitcoin transaction but it is a not a panacea, either. Two years ago over 100k bitcoins had been stolen from Bitfinex despite the fact that they even used a third party to check the transactions. Ultimately, it is bitcoin's nature, the irrevocability of its transactions, which is its major advantage and major disadvantage at the same time, depending on which side of the fence you are on.

[Thyristor]

Cryptocurrency exchange hacked increased recently and it's randomly happened in japan. I'm scared to holding crypto in exchange because when i affected in hacking. 59$ million is a big deal for any exchange site. Zaif was a big exchange in japan and why it's security is not stronger like as Binance and Huobi.

[virendarnagpal]

Hyena is the dirtiest wild animal I just hate it.  It is very dangerous; greedy; shrewd animal.  It may or may not find it's own food but it is expert in snatching food of others even that of lion.
Hackers are the same bastards.  Their eyes filled with greediness; shrewdness is always on the wealth of others.  Not even innocent but even masters of the game become prey to these people.  
If exchanges are hacked ; they need to ensure 100% security for investor's wealth.  But if some wallet is hacked; then investor itself must be alert.   Hardware wallets; writing passwords on paper etc may be safety measures.  

[perla]

Cryptocurrency exchange hacked increased recently and it's randomly happened in japan. I'm scared to holding crypto in exchange because when i affected in hacking. 59$ million is a big deal for any exchange site. Zaif was a big exchange in japan and why it's security is not stronger like as Binance and Huobi.

Hacker will do anything if they want something, they look some mistake in exchanger's security and bypass access on it. That is why we user must careful to pick an exchanger. Or maybe don't save all money in 1 exchanger and use personal wallet.

[Dudeperfect]

I believe that this is going to be a game of cat and rat, there is no solution for it other than constantly improving the security measures. On the other hand, from a user point of view, it is always recommended not to hold more than 5 to 10% funds on any exchange or web wallet. Anyone having a private key is able to spend the funds associated with that wallet. We cannot be sure what kind of security precautions are being taken on the server side.

[NeuroticFish]

there is no solution for it other than constantly improving the security measures

An exchange has to use cold storage and maybe multisig too. And for the hot coins, they have to use...insurance.

Of course, the security measures are important, but also the hardware is advancing and something secure now may not be so secure in a year. Hackers are advancing too.
Plus don't forget that bugs do happen. That's why among proper security, I think that exchanges should really use insurance.

[absurde]

Another bad news for crypto market, it doesn't matter for hackers if it's decentralized or centralized exchange market. There should be something more safer, like hybrid of them.

[btc_angela]

This is bad news, now there are a lot of hackers who attack cryptocurrency wallets, whether it's personal wallets or exchange wallets. therefore, we must guard our wallets carefully. and don't get hacked. I hope this news will not have a significant impact on the changes in crypto prices.

Where are you living at? Crypto hackers has been working hard for the last couple of years now. I think this is a old news already, couple days old so yes, there's no impact whatsoever, If Zaif just used cold storage/hardware wallets then this problem will not happened.

[Sebas.tian]

This is why one should not put a substantial amount of their investment in exchanges. Better yet, if you they are trading, choose the best exchange with the most secure ecosystem. Anyway, needless to say that those funds would not be returned to the owners. I'm curious to how this event will affect the market.

[maskeffec]

Japanese Exchange Zaif was reported to have suffered some security breach that resulted in about 59.7 M$ being stolen from the exchange. the hackers carted away with Bitcoin (5966), bitcoin cash and some Monacoin. It is not clear yet when or if customers will be fully reimbursed for the losses.
Zaif is operated by Tech Bureau Inc.under a regulated environment by Financial Service Agency- Japans foremost regulatory agency.
It is not likely that the market will react much to the hack ( or maybe it has already as we saw bitcoin slide to 6100 range and back up to 6400$ within an hour or this was caused by the CBOE future closure).
This brings to bear once again the need to never leave some substantial amount of exchanges.

https://cointelegraph.com/news/japanese-cryptocurrency-exchange-hacked-59-million-in-losses-reported
https://jp.reuters.com/article/zaif-tech-bureau-inspection-idJPKCN1M001Y

I think if system security is not improved, crypto will be difficult to develop, because investment involves trust, trust that ensures investors safely invest in the investment they choose. This is one reason why not many believers invest their money in crypto.

[tee-rex]

there is no solution for it other than constantly improving the security measures

An exchange has to use cold storage and maybe multisig too. And for the hot coins, they have to use...insurance.

Of course, the security measures are important, but also the hardware is advancing and something secure now may not be so secure in a year. Hackers are advancing too.
Plus don't forget that bugs do happen. That's why among proper security, I think that exchanges should really use insurance.

Insurance comes with a price. And in case of crypto, as I'm strongly inclined to think, it comes with a double price. Regardless, if it was an inside job, then the "hackers" would be twice as motivated, first by coins they allegedly stole and then by the insurance indemnity they would be expected to receive from the insurance agency. Though, honestly, I can't imagine how you are going to insure your crypto reserves and what premiums you are expected to pay to an insurance company for the insurance provided as it is next to impossible to distinguish between fraud and "legitimate" hack in case of coins "missing".

[evichi]

We still need innovations on cryptocurrncy security. It is serious for exchanges to be hacked. This is not good for cryptocurrency growth. How can blockchain technology be employed to tackle security issues in exchanges? Which technology can be employed to arrest this ugly trend? Improved security will help the growth of cryptocurrency.