Coincheck shows professionalism

steemero (63)in #exchange • 6 years ago

This is not the first time a Cryptocurrency exchange was hacked. Coincheck was the latest victims of the malicious hack. Almost $534 million worth of NEM token was lost. As a result, Japanese financial regulatory authority tightens their grip to stop the hacking incidence. Now, All of the Cryptocurrency exchange should follow the regulation set by Financial service authority.

After the hacking, Coincheck promised to refund the lost NEM token. Today Coincheck is starting to refund customers. This is absolute professionalism. Coincheck released a statement about the of the refund process

“We will solemnly and seriously take the measures we take carefully and will deeply reflect on ourselves and will drastically review our internal control system and management control system and will review the management strategy that thoroughly protects customers.” - Coincheck press release.

Hackers used an innovative way to hack the exchange. It is rumored that virus-infected emails were sent to the several members of the coincheck staff weeks before the attack. Coincheck made a mistake as it is stored the NEM on a low security hot wallet. Once the hackers managed to steal the private key for the wallet guess what, they took all.

You can see my other Post

Topics	Blog Link
	How to Stay away from Scammers! - Scammers are desperate to steal your valuable crypto assets. Every day new techniques are applied to take your crypto.
	Hardware Wallet Safety ? Man in the Middle attack - A hardware wallet is a cryptocurrency wallet, which is linked to a hardware device, where the addresses of all transactions as well as the private keys are safely kept
	What is Synereo? Wildspark Launches its exciting new program - Synereo offers blockchain-enabled Attention economy solutions. You can monetize your content irrespective of your publishing platform. According to Synereo, It is the Future of Content Creation, Publishing, and Distribution".
	Fake Accounts - How to survive fake accounts - We have experience exponential cryptocurrency growth last year. Especially bitcoin growth was remarkable. But the Cryptocurrency risk increased many fold due to fake accounts.