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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

#271

Post by TheAdamist »

justboxing wrote: post #189
ReverseCold wrote: post #90

Posting this as a top level comment as well (probably a better idea): 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.

Over 100 Million XRP ( Ripple ) worth 130 Million USD was also allegedly stolen. Source: Here's the original tweet from Bloomberg Tech Reporter in Toyko, Yuji Nakamura. https://twitter.com/ynakamura56/status/956790270036619265 Tweet In English: > Japanese crypto exchange Coincheck halts withdrawals, deposits, trading in NEM. Rumors is a big chunk was moved from their wallet. Also seems >$130m of XRP moved out too. I…

The stolen 101m xrp moved into an account that already had 3billion xrp? That seems odd to begin with. Is it another exchange or coin tumbler or something?

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

#272

Post by ReverseCold »

xorcist wrote: post #163
ReverseCold wrote: post #129

Earlier quoted context omitted.

Mosaics are a core feature of the platform. Think of it like an ERC20 token, but the creator of the token can impose fees (among other features). The fees are set to another token that the hacker doesn't/can't own - as such the account is stuck owning the asset.

So in a sense you never truly own your XEM tokens? The creator can change the rules ex post facto.

That's configurable. There's tokens where you want it to be centralized and able to change post creation (mutable) and then immutable ones.

Companies using NEM really like the mutable ones.

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

#273

Post by dingo_bat »

AlexSolution wrote: post #201
Daishiman wrote: post #184

Earlier quoted context omitted.

Their whitepaper's explanation of how this works is horrendously complicated. There's no way you can encode that sort of logic into a cryptocoin in a bug-free manner. Steer clear of this.

Their contracts are up. If you can find a way to exploit one of the bugs, you can profit massively.

If your profit is massive enough they may even roll back the chain and do a hard fork!

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

#274

Post by AlexCoventry »

ReverseCold wrote: post #129
larkeith wrote: post #110

Earlier quoted context omitted.

Interesting - I'm unfamiliar with XEM, I presume the non-transferable mosaic (that were used to mark the accounts to which the stolen funds were transferred) is signed in some manner such that a copy couldn't be spoofed onto an arbitrary account?

Mosaics are a core feature of the platform. Think of it like an ERC20 token, but the creator of the token can impose fees (among other features). The fees are set to another token that the hacker doesn't/can't own - as such the account is stuck owning the asset.

Is there a roadmap for weaning XEM off this centralized governance structure?

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

#275

Post by AlexCoventry »

monadmancer wrote: post #108
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.

Honest question. How is this possible? Isn't it as simple as copy and pasting the public address?

You could ask this guy: https://etherscan.io/address/0xa8f889a066519ffb552a571d553b8...

Looks like he copy-pasted a corrupt version of the address. There are three transactions to this destination, from different exchanges.

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

#276

Post by Daishiman »

sleepychu wrote: post #190
AlexSolution wrote: post #175

Earlier quoted context omitted.

MakerDAO uses collateralized smart contracts to provide stability to their Dai token. Right now, only ETH can be used as collateral, but in Q2 they are starting multi-collateral support. https://makerdao.com/ https://coinmarketcap.com/currencies/dai/

And who will abitrate the collateral? While it's smart wallets and crypto currency it can be enforced by cryptographic proof but when the collateral is USD then it's going to have to exist somewhere.

And you're likely to sue the shit out of someone if there's a bug in the encoded contract or it turns out there's no collateral because blockchain.

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

#277

Post by vitobcn »

pessimizer wrote: post #268
gomox wrote: post #261

Earlier quoted context omitted.

Based on some surveys I did within the general US population, a significant number of people (around 30%) haven't even heard of Bitcoin or cryptocurrencies and most (60%+) have heard of it but haven't put money in it. Keep in mind that statistically speaking, you and I live in an echo chamber. Hacker News is a bubble of engineers with a penchant for business and finance (startups, the main thing here, are where geeks…

> Based on some surveys I did within the general US population, a significant number of people (around 30%) haven't even heard of Bitcoin or cryptocurrencies and most (60%+) have heard of it but haven't put money in it. I hope these numbers aren't in any way accurate or representative, because they are absurdly high. If 40% of the population has invested in cryptocurrencies, that can't be anything but dangerous.

That doesn't sound right. I believe he was referring to 30% and 60+% making it 90+% who haven't touched crypto at all. Or in other words, at most the US crypto population would be under 10%. To me, that still sounds generous, and I would expect the actual number to be around a few percentage points only, but I don't have any data to back it up.

Where I'm from, discussing with friends and acquaintances in real life, I haven't been able to find anybody at all who owns any cryptocurrencies whatsoever. So, there certainly might be a bubble (price market exceeding utility), but at this stage it would affect a very insignificant percentage of the overall population.

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

#278

Post by [deleted] »

ceejayoz wrote: post #208
MatekCopatek wrote: post #203

Earlier quoted context omitted.

While I think you're absolutely right in general, there are a few exchanges that are registered as serious financial institutions, which means they need to follow stricter regulation and actually back 100% of their user's assets. As far as I know at least Coinbase and Bitstamp are among these.

Yes, and to my knowledge the legit folks like Coinbase aren't using Tether. They're using actual USD. They'll still likely get hurt when the scam collapses, but nowhere near as much.

[deleted]

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

#279

Post by ribosometronome »

TheAdamist wrote: post #271
justboxing wrote: post #189

Earlier quoted context omitted.

Over 100 Million XRP ( Ripple ) worth 130 Million USD was also allegedly stolen. Source: Here's the original tweet from Bloomberg Tech Reporter in Toyko, Yuji Nakamura. https://twitter.com/ynakamura56/status/956790270036619265 Tweet In English: > Japanese crypto exchange Coincheck halts withdrawals, deposits, trading in NEM. Rumors is a big chunk was moved from their wallet. Also seems >$130m of XRP moved out too. I…

The stolen 101m xrp moved into an account that already had 3billion xrp? That seems odd to begin with. Is it another exchange or coin tumbler or something?

That wallet only has 45 transactions on it -- that doesn't seem reasonable for a tumbler or an exchange, does it?

Also, 3 billion XRP means that they have 12% of all circulating XRP right now.

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

#280

Post by laichzeit0 »

make3 wrote: post #211
gowld wrote: post #188

Earlier quoted context omitted.

Why is "Statistics" called "Machine Learning" ? $$hype$$

insinuating that the only reason people say machine learning and not statistics is just false. the term machine learning refers to a specific part of statistics that is very different from statistics as a whole.

A lot of it is actually called Statistical Learning. Google that term. Some techniques are not classified as such, at least not yet, e.g. deep convolutional neural networks.
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