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
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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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Never trust a centralized exchange !!!
Until decentralized exchanges stabilize :
Diversify your trading funds on many exchanges. Not all your eggs in one basket.
Serious ... everyone hasn’t been hurt so far thinks they will never be that person ... until they experience it
Take it serious ..... Not later .. Not tomorrow ...... NOW !!
Bitshares.org is a great decentralized exchange
I didn’t know that!
I still wouldn't store my funds even on a decentralized exchange. It's better to have the private keys to your cryptocurrency.
BitShares uses the same Graphene platform that Steem uses. So, essentially, your private keys are your responsibility, and they are stored client side (e.g. in your browser).
For historical reference, Dan Larimer built BitShares then Steem and now he's building EOS.
Steem's cryptocurrency is built specifically for their platform so it's understandable for Steem. I still think there is way to much hype around EOS, so that is actually a strike in my book.
Stuff like this is why crypto is still not widely accepted yet. Rightly, or wrongly, cryptocurrencies security, reliability and growth hangs on the reputation of exchanges, wallets, and companies in this space that continue to show how early days we are.
One day, user-interfaces on wallets, will be easy for my mom to use, and one day exchanges will have blockchain backed security, which will ultimately prove reliable and secure, but for now, we stumble before we walk.
All these exchanges are trading everything that has something to do with blockchain but they are not on blockchain.
Understood, but many people do not get that. Therefore a black-eye to these exchanges is a black-eye to crypto.
And what I mean about the future being better is that one day crypto exchanges will be mainly decentralized, on the blockchain, and that will be a good day. Decentralized exchanges will be safer, more reliable and that day is not too far off. Yes decentralized exchanges exist today but no amazing ones, they either lack volume, or they cost ethereum to transact, which is a fee we would all love to avoid.
Soon, there will be a better asnwer, and cryptocurrency will be better off for it. And when that happens blockchain tech will be more readily embraced: That is what I meant.
wow thats alot of money.
If you are not from the country where the exchange has been hacked but have lost funds you do not have any legal recourse, remember that.
This seems to be more and more of a growing issue. I think exchanges need to shift their focus more towards security, rather than just adding new features.
OMG Ohhhh snap. Thats a lot of money.
Just another one hehehe
Thank you for the information :)
good article
thank you for sharing
It is so horrible. A lot of money. Unbelievable.
I had seen news that they had been cautious about it recently but it turned out to be hacker attack after all.
Just watched you on Youtube and now you are here :D Good presenting :)
I am using exchanges, 4 differente ones, as I still think it is very complex to keep all diferente wallets or cold storage
Hi Boxmining thank you again for the good work! I am a follower of yours on youtube and I think that you do a tremendous job. Regarding the hacking that is crazy and I hate that because this brings bad reputation to crypto.
this will definitely cause another turmoil to the market.
hoo shit , this is really not good :/
I learned early on as part of my research, you should always have control of your wallets and private keys. Centralized Exchanges are vulnerable to attacks from a number of sources and these attackers are incentivized to attack as they have concentrated sources of assets to take with one attack.
Great work, thanks
Ouch, this is going to hurt. Not just the directly affected, but the cryptosphere as a whole. People like my parents are already terrified of using their credit card online, this doesn't help the cause...
I hope it's not MtGox 2.0...
Wow que impresionante , gracia por tu advertencia. estare al pendiente saludos guapo.