fragout
Legendary
 Offline
Activity: 1279
Merit: 1018
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January 26, 2018, 02:14:55 PM |
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Whats the hackers address?
Feel sry for the coincheck users. I didn't realise they were the biggest trader of NEM or at least the biggest holder.
Fork would be a very bad idea though and it looks like they are not considering it
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thehihoguy
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January 26, 2018, 02:19:19 PM |
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"As far as NEM is concerned, tech is intact. We are not forking. Also, we would advise all exchanges to make use of our multi-signature smart contract which is among the best in the landscape. Coincheck didn't use them and that's why they could have been hacked. They were very relaxed with their security measures,"
Lon Wong, President of the NEM.io Foundation
Doesn’t really matter what the truth is, the crypto world is stupid and will read this as flaws with NEM’s product. Depressing, going to take a long time to recover from this. Hacker accounts will be blacklisted by exchanges, his XEM will be useless. Consider those XEM as burned; the remaining, in the log run, will gain from this hack. The accounts with the allegedly stolen funds have been tagged with a non-transferable mosaics already to do exactly that. Mosaic: mizunashi.coincheck_stolen_funds_do_not_accept_trades:owner_of_this_account_is_hacker Mosaic: gox:hackers_address New to NEM Curious how the mosaic works, is there a laymen explanation somewhere? Like can the hacker not just transfer to a friends account and then to exchange? or do wallets also check for that mosaic? thanks in advance for explanations Looking on the blockchain, the alleged funds have been moved to a few other accounts but are frozen and non-transferable and are still remaining in the account they've been transferred to. Mosaics are assets you can create in the block chain. The nem.xem mosaic is a special mosaic that is equivalent to the xem in the system. https://nem.io/technology/https://nemlibrary.com/documentation/mosaic/But doesnt it mean the mosaic is optional to check? So if a exchange like coincheck doesnt use it, the hacker could still transfer the coins? or is it like fix rule now in the nem economy (like a smartcontract) that prevents transfer of those coins forever? |
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abaumgar
Jr. Member
Offline
Activity: 58
Merit: 2
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January 26, 2018, 02:25:26 PM |
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The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?
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smart757
Newbie
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Activity: 51
Merit: 0
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January 26, 2018, 02:58:29 PM |
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The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?
Bittrex wallet down now too? This is not good.. not good at all. |
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fragout
Legendary
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Activity: 1279
Merit: 1018
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January 26, 2018, 03:00:14 PM |
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The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?
Maintenance until they figure out what went wrong with coincheck. Makes sense. Or else they are scrambling to enable multisig which apparently coincheck didn't bother to. Update : NEM + Coincheck are working together to track + flag the hacked wallets + related accounts with the objective of tracing the ultimate owners of the suspected wallets. NEM is identifying + flagging suspected wallets holding the stolen funds + sending info to exchanges. More soon. |
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nemwanderer
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January 26, 2018, 03:00:34 PM |
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The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?
Bittrex wallet down now too? This is not good.. not good at all. What on earth is happening here? If this continues NEM will enter a free fall it won’t come back from. |
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abaumgar
Jr. Member
Offline
Activity: 58
Merit: 2
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January 26, 2018, 03:03:09 PM |
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The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?
Bittrex wallet down now too? This is not good.. not good at all. What on earth is happening here? If this continues NEM will enter a free fall it won’t come back from. I don't think so, it's likely just a security measure. |
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fragout
Legendary
Offline
Activity: 1279
Merit: 1018
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January 26, 2018, 03:05:23 PM |
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The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?
Bittrex wallet down now too? This is not good.. not good at all. What on earth is happening here? If this continues NEM will enter a free fall it won’t come back from. Try reading a few posts above. Its not all bad (except for coincheck users) as it looks like 500 million NEM might be as good as burned. |
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suky321
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January 26, 2018, 03:11:45 PM |
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Bittrex is still allowing trading for XEM already within the exchange, but the wallet is on automatic maintenance along with 5 other coins.
I guess this is a precautionary measure.
Of course, this is pure speculation until we hear the facts.
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smart757
Newbie
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Activity: 51
Merit: 0
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January 26, 2018, 03:12:18 PM |
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Lets say for the sake of argument it is determined that the exchange is at fault here, not nem.
Then what? No hard fork leaves a bunch of pissed off users... Forking leaves a bunch pissed off as well.
This is bad all the way around. In any case, we just took a big kick to the balls that will take forever to recover from, if ever.
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tbandy
Jr. Member
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Activity: 167
Merit: 5
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January 26, 2018, 03:15:23 PM |
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Lets say for the sake of argument it is determined that the exchange is at fault here, not nem.
Then what? No hard fork leaves a bunch of pissed off users... Forking leaves a bunch pissed off as well.
This is bad all the way around. In any case, we just took a big kick to the balls that will take forever to recover from, if ever.
This things like this happens, now is the time to show our support buying more NEM  |
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gentlemand
Legendary
Offline
Activity: 2590
Merit: 3013
Welt Am Draht
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January 26, 2018, 03:19:20 PM |
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What on earth is happening here? If this continues NEM will enter a free fall it won’t come back from.
For someone with a 3c buy in you're awfully twitchy. Those coins are toast. No exchange will touch them. There's no such thing as XEM mixing. They'll be forever marked. The only way they could be sold would be OTC and whoever bought them would still have permanently tainted coins that no one else would touch. |
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tbandy
Jr. Member
Offline
Activity: 167
Merit: 5
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January 26, 2018, 03:21:47 PM |
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Lets say for the sake of argument it is determined that the exchange is at fault here, not nem.
Then what? No hard fork leaves a bunch of pissed off users... Forking leaves a bunch pissed off as well.
This is bad all the way around. In any case, we just took a big kick to the balls that will take forever to recover from, if ever.
Well as far as I understand there is not officially confirmed it's just rumors, in the worst case scenario is like @fragout said Nem will have to burn some coins but At the end you will not loose your investment |
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DogeMajestic
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January 26, 2018, 03:34:36 PM |
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Hacker accounts will be blacklisted by exchanges, his XEM will be useless.
I do not believe any human will or would be able to contact all places trading XEM before said coins are moving? (if true what I'm reading here - that there are stolen funds) edit Wow Lon Wong has appeared to confirm Coincheck was hacked, calling the stolen funds "the biggest theft in the history of the world." |
Don't accept the scams
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gentlemand
Legendary
Offline
Activity: 2590
Merit: 3013
Welt Am Draht
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January 26, 2018, 03:38:05 PM |
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I do not believe any human will or would be able to contact all places trading XEM before said coins are moving? (if true what I'm reading here - that there are stolen funds)
There aren't many XEM exchanges. All of them will have contacts with the NEM foundation. They would've needed to be to create their back end stuff. A few messages will lock the hacker out of all exchanges. |
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DogeMajestic
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January 26, 2018, 03:51:01 PM Merited by iCEBREAKER (2) |
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I do not believe any human will or would be able to contact all places trading XEM before said coins are moving? (if true what I'm reading here - that there are stolen funds)
There aren't many XEM exchanges. All of them will have contacts with the NEM foundation. They would've needed to be to create their back end stuff. A few messages will lock the hacker out of all exchanges. Oh I see. Then again, if true, that is a dangerous level of centralization. |
Don't accept the scams
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LiteMag
Member
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Activity: 79
Merit: 10
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January 26, 2018, 04:04:14 PM |
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So how was this exchange hacked? And why were all coins on one SINGLE Wallet? Does that mean every Wallet could also be hacked only because they have no multi-signature on? That would not be good.
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DogeMajestic
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January 26, 2018, 04:06:57 PM |
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I do not believe any human will or would be able to contact all places trading XEM before said coins are moving? (if true what I'm reading here - that there are stolen funds)
There aren't many XEM exchanges. All of them will have contacts with the NEM foundation. They would've needed to be to create their back end stuff. A few messages will lock the hacker out of all exchanges. Oh I see. Then again, if true, that is a dangerous level of centralization. Thinking about this some more... this really is a huge issue. XEM MUST be traded on many more exchanges |
Don't accept the scams
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nemwanderer
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January 26, 2018, 04:22:44 PM |
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What on earth is happening here? If this continues NEM will enter a free fall it won’t come back from.
For someone with a 3c buy in you're awfully twitchy. Those coins are toast. No exchange will touch them. There's no such thing as XEM mixing. They'll be forever marked. The only way they could be sold would be OTC and whoever bought them would still have permanently tainted coins that no one else would touch. 700k coins will do that to you. I really believe/believed in this one and all this is rather depressing. I’m of the belief that reputation/marketing are of huge importance and this just doesn’t help. |
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gentlemand
Legendary
Offline
Activity: 2590
Merit: 3013
Welt Am Draht
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January 26, 2018, 04:25:27 PM |
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700k coins will do that to you. I really believe/believed in this one and all this is rather depressing. I’m of the belief that reputation/marketing are of huge importance and this just doesn’t help.
Pah. It's a rite of passage. And note that Lon Wong's statements took the time to emphasize the on chain security features that Coincheck pointedly failed to use. |
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