Sigh another exchange hack!COINCHECK hack!

in #bitcoin • 8 years ago (edited)

images (3).jpegCoincheck Japan's largest exchange has locked all withdrawls, as it flounders around after a hack. This resulted in the exchanges entire NEM hotwallet (apparently not multisig, nore distributed) being emptied for over 523 Million NEM.
Thats about $530 Mln USD, this is a huge loss for an exchange, when asked they said in "principle" they plan to resume opperations.

Users funds lost due to terrible security, and without re-aquiring the funds through tracking em down, how could it recover from half a billion lost funds?

Haha easy, just tell your users if you had NEM..."Poof its gone"....Please stand aside for those who have money with us!!

Its a shame, but cowboys will be cowboys....store your coins appropriatly people (like in a wallet!!!!).

#exchange #hack #coincheck #blog
8 years ago in #bitcoin by
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     8 years ago 

    "store your coins appropriatly people (like in a wallet!!!!)." Or a hardware wallet. Though to be fair, nothing is without risk. If you get targeted by hackers, your coins in your wallet may not be safe either as seen on countless occasions. nice article mate

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       8 years ago (edited)

      hey, Thanks mate..
      .yep hardware wallets ideal but really, how safes your wifi? :-) than how safes your ISP? the local fibre exchange? :-) encrypt everything and trust no one....or just be broke...:-)

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