Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK • Hacker News Board

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#21

Post by dumbfounder » Fri, Jan 26, 2018, 5:43 PM UTC

user9182031 wrote: post #14

tn_ wrote: post #2

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...

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.

Because it makes it seem like exchanges are not trustworthy places to keep your crypto, and for basic users a lot of people just keep their crypto there. Fear, no matter how how misplaced, can cause markets to sway heavily.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#22

Post by mrb » Fri, Jan 26, 2018, 5:43 PM UTC

monkmartinez wrote: post #5

How often do major banks get hacked and "lose" money?

It happens admittedly less often, but it does happen. For example $60 millions were stolen and never recovered from https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#23

Post by Cyph0n » Fri, Jan 26, 2018, 5:44 PM UTC

monkmartinez wrote: post #5

How often do major banks get hacked and "lose" money?

I think crypto "banks" attract more attackers because it's relatively easy to get away with it.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#24

Post by [deleted] » Fri, Jan 26, 2018, 5:45 PM UTC

s0rce wrote: post #7

Wow, didn't know Mt. Gox lost 850k BTC, thats 9B USD at the current price. Are these coins traced? Were they quietly sold or are hackers sitting on billions in BTC?

[deleted]

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#25

Post by tn_ » Fri, Jan 26, 2018, 5:45 PM UTC

user9182031 wrote: post #14

tn_ wrote: post #2

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...

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.

The reason why fiat currencies are main-stream is because there's trust. People trust they can deposit and withdraw their money to and from banks w/ some semblance of protection and have transactions with little friction. News like this signals that you really shouldn't trust any crypto-currency exchange yet (just browse r/coinbase and people are waiting 1+ month to receive funds) , and I'll see a headline like the above and it's not surprising.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#26

Post by frgtpsswrdlame » Fri, Jan 26, 2018, 5:45 PM UTC

user9182031 wrote: post #14

tn_ wrote: post #2

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...

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.

Because it's a great illustration of the hidden risks in holding cryptocurrency.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#27

Post by stuxnet79 » Fri, Jan 26, 2018, 5:46 PM UTC

s0rce wrote: post #7

Wow, didn't know Mt. Gox lost 850k BTC, thats 9B USD at the current price. Are these coins traced? Were they quietly sold or are hackers sitting on billions in BTC?

Kim Nilsson's group have been investigating the Mt Gox incident for years and he gave a presentation some time ago that summarized some of their findings (https://www.youtube.com/watch?v=l70iRcSxqzo).

One of the best summaries of the Mt Gox incident, as well as the fallout and subsequent investigations that I've watched.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#28

Post by ceejayoz » Fri, Jan 26, 2018, 5:47 PM UTC

monkmartinez wrote: post #5

How often do major banks get hacked and "lose" money?

There've been some big ones.

https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery

The nature of the banking system allowed much of that to be blocked/retrieved, though.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#29

Post by orthecreedence » Fri, Jan 26, 2018, 5:47 PM UTC

empath75 wrote: post #4

tn_ wrote: post #2

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...

Because the price is driven by bitfinex printing tethers and pretty much nothing else.

I don't know why you're being downvoted. There is more and more evidence of this coming out. Bitcoiners' response is to censor. They should be selling instead.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#30

Post by bkolobara » Fri, Jan 26, 2018, 5:49 PM UTC

gesman wrote: post #3

Conclusion: 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!

The possibility of an exchange getting hacked is much lower than the possibility of users losing founds by transferring them to their own wallet. I run a cryptocurrency forum and in 99% of reported cases users lost their founds by moving money from an exchange to a local wallet or even a hardware wallet. I always recommend everyone to keep it on an exchange.