Another exchange got hacked today, and this time it is in Japan. Coincheck a Major Japanese exchange halts all withdrawals and other services after apparently losing $723 Million from its wallet.
Apparently, the hackers stole NEM and Ripple, which is why we see NEM hit the hardest with a 17% drop.
Since the shutting down of their operation, Coincheck wallet's has seen $ 600 Millions worth of Nem move out and 101, 265, 057 XRP leave.
All withdrawals from Coincheck are now suspended including JPY and cryptocurrencies.
I personally think this will affect NEM the most in the short term, as there will be some good pressure on the price, as well as Ripple and Bitcoin, Long-term I am still bullish on the technology.
More on the News:
https://www.coindesk.com/cryptocurrency-exchange-coincheck-abruptly-suspends-withdrawals/
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again it's a big headache the exchange people has to do something about this kind of problems
The person to come up with a real solution to this problem will probably be rich in the future.
Hacked $723 Million.it is too loose.
I guess you are right, how can you have 600 Millions of Nem just sitting around like that in the first place.
Painful, Where there is money, the chances to be hacked is higher. There should be more decentralized exchange like NEX ICO I wrote about it.
Indeed, thanks for your valuable comment and will check your article about NEX ICO.
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I saw this earlier and immediately saw a lot of bad press about it. I feel really bad for anyone who lost money because of this, and I imagine its knock on effect on the market will continue on for a short while.
Let's hope that decentralised exchanges start to gain more volume and keep working on security patches, so that things like this will be minimised in the future.
Thanks for sharing!
It is bad indeed, but anyone who has been long enough in the cryptocurrency world should know by now if you do not own the private keys, you don't own the coins.
I usually keep around 5 percent of my stash on Bittrex and planning to reduce it to 2.5 percent in the coming days.
I agree with you there. I actually keep practically all of my stash offline, but it seems that newbies never know this which is a problem of course. I've talked to people who keep all of their funds on an exchange which baffles me!
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Anybody using Coincheck here? :(
I hope not!
That is crazy. What is the best way to protect yourself from this type of theft?
Number one rule for me is not to keep my coins on exchanges, You can go for hardware wallet like trezor, and Nano ledger s, or download the original wallets of the coins, secure it with a strong password (best to write it somewhere so you don't lose your coins if you forget the password) and make a backup of your wallet and private keys somewhere offline like an external hard disk.
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Valuable post ...
Thanks for sharing
I m following you
Thank you for your support, really appreciated.