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

reuters.com

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

#51

Post by ssijak »

buttcoinslol wrote: post #6
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...

'Money ain't got no owners, only spenders' -Omar Little This quote applies to unregulated markets: drugs or cryptocurrencies.

I just finished watching all The Wire seasons for the first time and freaked a little when I saw your comment. I often see something on Hacker News that I just recently had contact with and is not that popular.

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

#52

Post by tn_ »

trey-jones wrote: post #36
dumbfounder wrote: post #21

Earlier quoted context omitted.

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.

Exchanges are not a trustworthy place to keep your crypt. I think that is accepted. What does it have to do with the value of the thing?

Bruh if it's accepted then why did people just lose over a half a billion $ storing their cryptocurrency in one.

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

#53

Post by ReverseCold »

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...

That's because bitcoin wasn't stolen, XEM was. See my other comment for more details.

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

#54

Post by rhapsodic »

dsacco wrote: post #35
rhapsodic wrote: post #18

Earlier quoted context omitted.

> 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 t…

> It's not like stocks where you can see actual bid/ask and daily volume numbers. Yes it is. Cryptocurrency exchanges have orderbooks like regular exchanges do.

>Yes it is. Cryptocurrency exchanges have orderbooks like regular exchanges do.

Can you show me a current bid on bitcoin? IOW, where someone has obligated themselves to purchase N BTC at a price of $P, if someone is willing to sell that many at that price? Is that information posted publicly as it is with stocks?

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

#55

Post by conanbatt »

Cyph0n wrote: post #23
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.

That is true, and its also a lot easier to know it happened. Banks invest a large amount of money on security, clearly they must get hacked all the time, but when it happens, we as consumers don't know about it.

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

#56

Post by aml183 »

DSingularity wrote: post #34
bkolobara wrote: post #30

Earlier quoted context omitted.

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.

Exactly. And the top notch exchanges keep everything in cold storage AND they take out massive insurance policies on it. Keep coins there unless we are talking millions of $ worth.

The insurance coverage is limited and doesn't cover theft of individual accounts.

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

#58

Post by cal5k »

ReverseCold wrote: post #49
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?

The coins stolen are XEM ( https://nem.io/ ) not Bitcoin. They're currently tracking the stolen coins to ensure they are not sold. Preliminary evidence suggests that it was a private key stolen and not a network problem. Disclaimer: Am somewhat associated with the team, and I hold a small amount of XEM. Feel free to ask questions.

Interesting. So is the implication here that it was probably an "inside job"? Were the private keys held in cold storage?

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

#60

Post by siberianbear »

cflewis wrote: post #33

As someone who knows very little about the blockchain, I was wondering if the Bitcoins are "known"? Like, they have a hash or something? Can't they be then blacklisted from use somehow? I thought the whole point of the blockchain was that all the transactions were all known?

How would you get everyone to agree on the blacklisting? How would be enforced? What if some clients accept nodes containing 'blacklisted' addresses, and some don't? When if then a client that 'blacklists' addresses sees a block that contains a transaction whose inputs are 99% 'legit' coins and 1% 'blacklisted' coins? Should it honor it?

What you're really proposing is a hard fork, which is a morass of problems. And why should everyone suffer all this grief just because the security team on one exchange in Japan is staffed with people who don't know what they are doing?

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