Re: $500 million go missing in largest cryptocurrency hack ever

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

I think most of these so called "hacks" are just inside jobs. I know it doesn't lessen the blow. This is obviously huge! I am guilty of leaving coins in exchanges as well, definitely making me rethink that.

Do you really think that leaving money on exchange aren't safe?! This makes me nervous right now, if one more news about exchange getting hack again i will pull out all my money on the exchanges that i have participated. How will you know if an exchange is really safe and secured?

Indeed, exchanges aren't safe. You can protect you by 2FA, strong passwords, but you can't protect Exchange wallet, this is their job. Here, it failed because they stored their coins on hot wallets, instead of cold wallets. I would suggest to move your coins before waiting another hack news, if you don't trade them Wink

Currently, you cannot determine if an exchange is safe, the only way is through audits and even, can you trust this audit ?

The best way to protect you is by moving your coins on hardware wallets or offline wallets. If you want to trade, keep the minimal amount on the exchange.

Decentralized exchanges will change this by the way. These exchanges store no funds, so there's nothing to hack, and security will come back on user's hands