Mt. Gox and Coincheck Should Not Be Same

When a Japanese crypto money market was exposed to a very large-scale hacking attack, the attack affected the entire crypto money industry. After this attack, the industry's self-accumulation-even though it's a bit of a drag-lasted about two years.

This time, the number of attacks may resemble each other, but the crypto money market took one day to overthrow the effect of this incident. The attack on the Coincheck stock exchange is scheduled for Mt. Gox has a superior side, not the case, but the effect of these two attacks on the market compared to Mt. It's once again revealed how serious Gox is.

Let's summarize what happened: Coincheck announced on Friday that a hacking attack on his servers in the morning, according to Tokyo, was the biggest attack ever seen. Shortly after the theft emerged, the stock market took the trade of the NEM targeted by thieves. Shortly thereafter, this stopping decision also covered other crypto money.

When it's all over, about 500 million XEM tokens from Coincheck (estimated at $ 420 million) were played, according to Bloomberg. This is an attack on Coincheck, Mt. It's worth $ 80 million more than the attack on Gox.

When news about the subject began to spread, the XEM price had fallen by 11%, but XEM (according to the time of the news writing) has been struggling for the last few hours to fall, and it still stands. While many other crypto moneys are influenced by the situation, the size of this effect has not been very serious, and some crypto money has only fallen at single digit rates.

Mt. Although more money was stolen compared to the Gox attack, the Coincheck attack did not affect the market so seriously because neither Coincheck nor XEM had the money for the market. Gox and Bitcoin are not as important as they carried it four years ago.

Times changed
Mt. Gox was once a common meeting point for Bitcoin investors. Altkoin trade was still just developing at that time. When we look at the sun, we see that there are many more crypto money exchanges, and more direct crypt money.

Placeholder VC's partner Chris Burniske made the calculation result Mt. Gox found that at that time he had created about 5% of the total network value of all crypt money.

Theft from Coincheck is less than 0.25% of the total value. Chris Burniske comments:

"Mt. The effect that Gox hackin left on the crypto money market at that time was much higher. "

Crypto money community, such as stock market hacking, may experience hurdles and negativities, but investors are now learning not to connect these negativities to different things.

Burniske comments:

"Crypto money investors and speculators have witnessed several stock market attacks so far and now they know that a stock market attack is most likely caused by a weakness in application of a certain protocol rather than a weakness in built-in crypto money protocols. The bases of the crypto money assets have not weakened but we have a new example that shows that crypto money applications need to be further specialized in the infrastructure. "

Will the money be recovered?
Mt. Another difference between Gox and Coincheck is that customers have a hope of getting a refund. Mt. The money stolen from Gox flew away.

At Friday's press conference, Coincheck executives said they would compensate customers for stolen money. But this 'compensation' is not yet known on the scale.

Paul Rieger, a member of the NEM Europe team who developed the XEM token, said that the team identified the stolen XEMs and that the addresses found would be shared with the stock market.

Since NEM is an account-based platform, all relative accounts can be specified. Thus, the stock market can learn whether the money in a given account is stolen.

Rieger said third parties who shared information about legitimate withdrawals from Coincheck helped determine the accounts. However, there is no guarantee that every account set up so far will have stolen XEM, or that every stolen token has been identified.

Ordinary Trade Day
CoinMarketCap shows that after the attack, all of the crypto money in the top 20 has been hit, but these crypto money have been fighting for the last few hours. There are only two coins in the top 20 in the news writing hour, which are more than 10% active with this attack.

NEM's XEM token dropped to 76.5 cents after the news, but token had a feat of 72.1 cents on January 17th. In other words, even at the lowest price he saw after this news, he is still at a higher level than before a few days ago.

At the news writing hour, XEM is at $ 0.86 level and continues to struggle.