How often do major banks get hacked and "lose" money?
I can’t remember seeing Schwab or Fidelity (or any others) hacked. At least not like this.
Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
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Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#12How often do major banks get hacked and "lose" money?
How often do cryptocurrency exchanges get "hacked" by someone besides the owners?
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#13How often do major banks get hacked and "lose" money?
Seems like hacks do occur, often for customer info, but looks like money is sometimes stolen, considering the number of banks compared to BTC exchanges I'm guessing hacks are relatively more frequent in the crypto-space, especially considering how much money can be stolen and more easily moved.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#14I don't understand why news like this doesn't have that huge of an impact of bitcoin's price.. Bitcoin seems to be hovering around 11k~ as I'm writing this. It's been at the same price it seems for the past couple of days...
Could you share why you think it would impact the price of Bitcoin? With a market cap of 186 billion dollars, and a daily volume of 10 billion I couldn't see how it'd have that much of an impact.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#15Ouch.
Something like this is incredibly regrettable, and a large amount of presumably novice investors have no doubt burnt their fingers. Yet, incidents like this once again underscore the importance of controlling your private keys. Until you do that, you do not really own your coins.
I suppose this also highlights the need for decentralised exchanges.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#16Thieves are better than tax parasites.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#17Conclusion: If you keep any cryptocurrency on an exchange or online service that can or is capable of controlling your private keys - MOVE all your cryptos to your own deterministic wallet YESTERDAY!
You also have to take into account the probability of your exchange of choice being hacked vs. the probability that you'll get your own wallet compromised/destroyed/lost etc...
Given that cryptocurrencies have become pretty mainstream and given the average level of technical literacy among the general public I can understand why some might prefer to keep their coins in somebody else's hands.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#18I don't understand why news like this doesn't have that huge of an impact of bitcoin's price.. Bitcoin seems to be hovering around 11k~ as I'm writing this. It's been at the same price it seems for the past couple of days...
> I don't understand why news like this doesn't have that huge of an impact of bitcoin's price.. Bitcoin seems to be hovering around 11k~ as I'm writing this. It's been at the same price it seems for the past couple of days...
Personally, I would like to understand what it really means to say "the current price of BTC is ___." It's not like stocks where you can see actual bid/ask and daily volume numbers. And since transaction costs and times make arbitrage impractical, the price is not even the same across exchanges.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#19Conclusion: If you keep any cryptocurrency on an exchange or online service that can or is capable of controlling your private keys - MOVE all your cryptos to your own deterministic wallet YESTERDAY!
There is risk either way, though. Say you want to sell fast because of something major (that is not just hype). If your monies aren't online you will be the last to try to cash out.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#20How often do major banks get hacked and "lose" money?
This was an exchange, not a bank. I'm sure that plenty of banks and stock/forex exchanges have been hacked, but trades can be reversed, money reimbursed by the FDIC, etc.