Japanese Crypto Exchange Coincheck Hacked, Biggest Heist in History of the World

[R-T-B]

Even in the Far East, it's the Wild, Wild West.

Honestly, the internet is the wild wild west moreso than crypto. Don't want your coins stolen? Don't store them on a web accessible service.

 

[Divide Overflow]

Honestly, the internet is the wild wild west moreso than crypto. Don't want your coins stolen? Don't store them on a web accessible service.

I've been banking online for years. Never lost a cent or a wink of sleep over it. Unregulated cryptocurrency at international exchanges? That's another story!

 

[R-T-B]

I've been banking online for years. Never lost a cent or a wink of sleep over it. Unregulated cryptocurrency at international exchanges? That's another story!

Many have "lost" money in banks but the banks reverse the transfers thus reimbursing them. That is the key difference.

I've been involved with crypto nearly since it's inception and never lost a penny to nefarious actors either, but I know what I am doing.

With conventional money, you are only a user. With crypto, you are essentially the bank as well, with all the responsibility that entails. Trust is thus a big thing there as there is no "rookie shield."

 

[DeathtoGnomes]

thieves being thieves for the thrill?

 

[R-T-B]

thieves being thieves for the thrill?

More like thieves stealing from people for money dude, same as any market thief does.

 

[mak1skav]

Inside job or attack from governments that want to keep printing their own "legit" money and control the mass.

 

[R-T-B]

Inside job or attack from governments that want to keep printing their own "legit" money and control the mass.

Ok, keep in mind this is coming from someone who is often accused of being a crypto-phile:

That is the most crazy conspiracy I've ever read.

 

[bug]

Indeed it will never be the last as long as money is held in centralized web wallets.

They should use cryptos actually wallets like it is intended.

As for the rest, you know I don't consider anything that does what it says on the tin a "scam." Crypto qualifies.

I was just about to plead ignorance: how the heck is this thing so easily hackable, when it's supposed to be the decentralization poster boy?

 

[Ruru]

At least my Monopoly bills are safe unlike these pyramid scams.

 

[R-T-B]

I was just about to plead ignorance: how the heck is this thing so easily hackable, when it's supposed to be the decentralization poster boy?

Because people use centralized sites to keep the books.

tl;dr: Humans.

At least my Monopoly bills are safe unlike these pyramid scams.

My money's been safe in crypto for a very very long time. Just as you wouldn't trust a sketchy site with your credit card, don't trust them to hold your crypto either! Web wallets are bad wallets!

Crypto is safe. People aren't.

 

[bug]

Because people use centralized sites to keep the books.

tl;dr: Humans.

Serious question now, are wallets a single point of failure? Or were these sites just handling wallets badly?

 

[R-T-B]

Serious question now, are wallets a single point of failure? Or were these sites just handling wallets badly?

If the wallet files are on a webserver (usually refered to as being "hot wallets") they are generally able to be hacked via the typical means of compromising a system.

A smart user would keep his wallet off a webserver-enabled or remotely accessable system, preferably on a highly secure one. This obviously isn't an option for exchanges because they need to move money between wallets quickly via a web-accessible machine. Which is precisely why you should never store anything with them for long.

A smart crypto user probably also encrypts his wallet. An exchange can't do this because they'd literally have to type the password for every transaction. Automation is their downfall.