CoinCheck Hacked ($500M gonezo), Re-affirming the need for personal crypto security!
CoinCheck was recently hacked for over $500 MILLION worth of NEM, once again showing the dangers of storing your crypto on a centralized exchange. In addition to the negligence from CoinCheck, we have the subject of BTC Futures manipulation as we reach the close of the first CME Group January contracts, as well as a bullish sign from the Lightning Network?
Coindesk article on CoinCheck NEM hack:
https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
FT article on Bitcoin Futures manipulation:
https://ftalphaville.ft.com/2017/11/29/2196222/why-bitcoin-futures-and-a-shoddy-market-structure-pose-problems/
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Moral of the story... if you don't hold it you don't own it... Never trust your crypto on any exchange. As another note I didn't feel NEM deserved its top 10 position and it may never see the top 10 again.
Nailed it.. If you don't hold your private keys, you're just praying someone else is responsible enough for you.
The main problems with the current global financial system is debt and trust in others who honestly don't deserve that trust. Hopefully cryptos will fix both these massive problems!
I think the other problem for people is simply understanding the technology, and what they're actually invested in. There is a very real minimum amount of technological understanding you have before you even enter the market (if you're smart), and there's a very real minimum amount of technological understanding that bars you from actually being able to effectively research anything in the crypto marketplace...let alone secure it.
I learned early on as part of my research, you should always have control of your wallets and private keys. Centralized Exchanges are vulnerable to attacks from a number of sources and these attackers are incentivized to attack as they have concentrated sources of assets to take with one attack.
Most people have gotten into the game after Mount Gox and Cryptsy, but a quick google search will tell you everything you need to know about why you need to control your private keys in cold storage.
thnx for keeping me aware of the market update
https://www.zerohedge.com/news/2018-01-26/over-400-million-stolen-hacked-japanese-cryptocurrency-exchange Gives a bit more insight I also find this quote quite funny
"This is the biggest theft in the history of the world,"
I consider what Bitconnect did as theft so IMO that quote you stated isn't technically accurate... 3+ billion market cap... and it's gone!
I find market cap to be a bit misleading as it is only an extrapolation of current price. That doesn't mean you can actually sell everything and get that amount of money or that is how much money is actually invested.
Bitconnect is a separate issue and yes most of the community would agree this was clearly a fraud and as soon as the bitcoin price crashed they started unwinding the scheme as they could no longer pay "investors"
This is why I am rethinking my positions in coins that are not compatible with a hardware wallet. It makes long term investing in some of these alt coins difficult. Unfortunately I have to include my beloved Moreno in this population.
Can't stress enough about safety got to have two-factor Authentication like they say some people have to learn the hard way steam on
They hacked the exchange not the user from what I understand so 2factor prob didn't help. That being said it is still a mandatory security practice to user in all cases.
OMG! This really really bad news for crypto currency miners. I got a shock by this news. Crypto coins value may be down because of unsecured exchange and centralize system.
OMG.. Wallets are also not safe now a days???
That's very bad and sad news..
Get a hardware or cold storage wallet...
Ok bro.. what about paper wallet?
I still don`t understand what a paper wallet is (only in crypto for couple weeks), but I bought a Nano S and I kinda like it.
I would only buy from the company, not a third party, but that
s easy for me to say, i guess, because im in Europe and Ledger is too.Bro I am also new in crypto, that is why i am worried after reading your blog, thanks for sharing this greatly important blog
Muchas gracias por la información
This is exactly why I only now use Binance. They have a better reputation but if you're going to have alot of money than hardware wallet is the way to go. Robinhood app should also be alot safer than alot of others