News is coming out of Japan that $520 Million USD worth of the cryptocurrency NEM was stolen from the exchange Coincheck. There were also large movements of Ripple out of the exchange but it seems like it is a precautionary move. Withdraws have been suspended
https://news.bitcoin.com/coincheck-halts-operations-amidst-hacking-rumors-after-723-million-withdrawn/
https://cointelegraph.com/news/japan-coincheck-exchange-freezes-all-withdrawals-as-up-to-723-mln-leaves-its-wallet
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Bloomburg reporter Yuji Nakamura:
Main takeaways from Coincheck press conf:
- only NEM impacted
- plans to continue operating, restart trading
- not clear on plan to repay customers
- no multisig💀
- wouldn’t admit security was weak
- not sure how hacked, if domestic or foreign hackers
- CEO barely spoke
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Bad news for NEM. Glad I don’t own any...I think NEO will be big this year.
THESE EXCHANGES ARE GARBAGE
Japan should be protected from hacking problems.
Wowww That things are happening countinously is very important create new security systems.
If you own cryptocoin worth more than 200usd, then hardware wallet is needed.
It is simple, if an exchange gets hacked, they can simply file for bankruptcy and they are done, but it is people like us who loose all their had earned savings.
It is our responsibility to protect our coin, the exchanges will keep upgrading the tech and security, but due to high ownership of coins by exchanges it will continue to be a hot target to be hacked. Exchanges are not to be blamed. They let us withdraw our coins, so we must withdraw. Secondly, if you put thousands of dollars in investing, better study about managing coins using hardware wallet.
Ripple is central (like PayPal), so these funds can be blocked and 100% reimbursed
NEM is a currency based on accounts, so distribution will be very limited.
Probably NEM will have a fora.
With 600 million losses, there will be confusion and zero losses.
Unnecessary copper noise ...
Thanks for the information sir
After cracking Japan's Coincheck exchange announced the suspension of a number of services including withdrawal of all crypto and Fiat currencies, including the Japanese yen. The suspension began when the stock exchange has disabled the ability to replenish the purse of cryptocurrency NEM, as she announced at 04:00 UTC. After 30 minutes, announced a ban on trading NEM, the output of this cryptocurrency, and then the withdrawal of all cryptocurrencies, and even Fiat currency.
This sort of news is heartbreaking. Damn. Thanks for sharing anyways
This is BAD news for us.Thanks For Informative post.
Hi boxmining,
Huge supporter and lover of your content here!
Do you think we should be worried about this happening to other bigger exchanges like Binance, Kraken or Bittrex?
I wish you all the best.
Feel free to check out my blog @maxdigi, this way we can support each other!
Cheers
maxidigi
Interesting news, I only have one question. Is there anything that forces someone to take responsibility for the stolen money?
yet another example to get your cryptos in a wallet, yikes I would hate for that to happen to anyone but I guess you cannot be to careful in the early crypto world
I don't trust the ripple man!!
Can you do a video on Simple Token (OST)? Its partnership with with Tencent alone should make it a big deal considering they on Wepay and how vast their market is in China. Not sure why the Disney connection adds so much hype to DRGN while Tencent is actually already in a similiar space to crypto and isn’t getting big attention?
Still @security is a main issue in cryptocurrecy . We have to have nore careful indeed
thanks for information @boxmining . nice to meet you michel :D
People really need to do their research and go with "MAINSTREAM" exchanges. Bittrex/Binance... Not that they cant be hacked but they are more reputable.
no exchange is safe everybody needs to have a cold wallet storage its as simple as that
what does this mean for those holding NEM o.O
Better Then Nicehash hackers