¥48 bil in bitcoin cryptocurrency disappears from Japan exchange

Still want to invest in Bitcoin?

I don’t

they’s just zeros and ones. just order more from the zero and one factory.

Is this the same DMM as the karaoke chain?

Idiots that hired even more idiots. Hacks don't have to happen if you actually hire the right people. Businesses globally these days looks to profits over security.

LOL, DMM started with selling porn videos. I've said it before, Bitcoin always attract the suspicious to the party and yet people just keep trusting them with their money.

My grandmother said, the worst combination of traits a person can get is being greedy and impatient, that makes you gullible.

Another MtGox moment in Japanese exchange?

https://www.theverge.com/2023/6/9/23755376/mt-gox-bitcoin-hack-russians-charged

No one will shed tears for very wealthy people who have lost a lot of money by being greedy.

Virtually all the pump n dump merchants on the internet pump crypto. That's a good enough hint to stay as far from crypto as possible.

I have no issue with blockchain, just crypto currencies.

Isn’t incompetent company behavior a criminal offense in Japan?

All the above comments make me realize that even in 2024 people still don't understand what Bitcoin is. Bitcoin has a finite number, unlike fiat. Bitcoin is decentralized, unlike other crypto. It's value has increased 180% in a year, unlike the yen.

Blaming Bitcoin for this hack is like blaming the dollar when a bank leaves its vault door open for anyone to steal it.

Bitcoin is decentralized

...and yet its value is most often only ever preserved or enhanced when centralised in an exchange where the ponzy stack can be promoted.

LOL, DMM started with selling porn videos.

Yeah, when I saw the logo I immediately recognised it. Talk about diversification! The mob would be proud. Oh, wait.

And I'm afraid that the boat with those coins on it has long since sailed. LOL

Love how all the nay sayers criticize BTC while their JPY and USD are constantly being stolen from them through deflation by central banks! THAT'S a Ponzi scheme, not BTC. By definition pyramid schemes need centralization. BTC is 100% immune to that shortcoming. Number go up! I've already made thousands with it while your money's been crashing.

Rola took it - I see it in her hand. But seriously, who on earth would trust their wealth in the hands of some unnamed company under DMM. No surprise it's been stolen - should be highly regulated. Fools and their money.

All the above comments make me realize that even in 2024 people still don't understand what Bitcoin is. Bitcoin has a finite number, unlike fiat. Bitcoin is decentralized, unlike other crypto. It's value has increased 180% in a year, unlike the yen.

Blaming Bitcoin for this hack is like blaming the dollar when a bank leaves its vault door open for anyone to steal it.

You get my upvote @Jayel, but I think some of the sentiments here are about the gullibility of crypto investors, which is legit.

Where is Mark Karples?

yeah, I’m gonna pour my hard earned yen into something that isn’t regulated.

So what is going to happen with the people accounts?? Are they going to get back their money? We're thr money insured.

Peter Neil

they’s just zeros and ones.

...and that is different from government fiat currencies how?

just order more from the zero and one factory.

There is no one bitcoin company. These things can be mined, but the energy needed to do that gets higher all the time. Unless there is suddenly free electricity, you NOT just "order more".

Is just gambling at this point. And anyone who tell you otherwise is clearly in denial. This is a game for the rich who can afford to play it. In the end is all about everyone getting in the hype hoping to hit the jackpot only to one day realize you will lose everything as there is zero regulation in this.

Both major hacks in Japan are amateurish. Crypto exchanges should have 2-3 layers of tokenization where the real asset is hidden behind those layers. With these Japanese exchange, they have the actual crypto exposed to whoever can get in the front door, not hidden behind two safe doors.

¥48 bil in bitcoin cryptocurrency disappears (from Article Title)

Who cares? It is a useless void like a dream anyway.

A bit like leaving cash in your car hoping the parking attendant won't steal it.

For a small amount you can self custody it with Ledger or the like. Easy to do.

Why do people still leave it on exchanges ?

There is no one bitcoin company. These things can be mined, but the energy needed to do that gets higher all the time. Unless there is suddenly free electricity, you NOT just "order more".

recommend a booster shot for humor.

Well, now we can use the name as intended: Dmm, bitcoin! Dmm!

I bet someone is in detention right now for 28 days of voluntary questioning.

Hiro

hit the jackpot only to one day realize you will lose everything as there is zero regulation in this.

"Regulation" does not save you from crime, and holding fiat currency does not save you from the government taking it by inflation, blocking your bank account, or simply replacing the currency, all of which has happened many times. The main reason that governments hate crypto is that they can not print it.

I had 6 million yen bitcoin stolen. It's too risky for me, so I bought a BTC ETF instead.

Invests in real things not in fake crypto bubbles..

The security firm Blocksec apparently knows where the Bitcoin went, which implies there is some knowledge of who stole it.

https://www.cryptometer.io/news/japanese-crypto-exchange-dmm-bitcoin-loses-305m-in-hack/

Back in the old days, crooks had to assemble a crack team of specialists, spend weeks planning, use physical tools, hire getaway drivers, evade cops and get to a hideout. Nowadays, it seems like a computer and some skills are all you need. Bitcoin is a bit too easy to get to, if you ask me.

Michael Knight

Okay, so, Bitcoin is decentralized, its value has increased 180% this year and it has an infinite number. These are your arguments?

It has a finite number, in contrast to fiat currency which governments can and do create ouf nothing at a push of a button. You may trust your Yen or Dollar because current inflation is within bounds of reason. But look Zimbabwe or Weimar Germany to see what governments can do and have done with those "safe" fiat currencies.

This is how you would sell Bitcoin, while we just read that 48bil Yen disappeared (and are most likely never retrievable)?

The Bitcoins did not "disappear", they were stolen. And crypto theft like this can only occur at those crypto "exchanges". If you want to be safe the traditional way, you can print out your Bitcoin code on paper and keep that under your mattress. Of course, they can still be stolen, only in a more traditional way.

Is just gambling at this point. And anyone who tell you otherwise is clearly in denial. This is a game for the rich who can afford to play it. 

I came from nothing. Took 60 million yen off the table from btc this year. But yeah, whatever you say.

Bitcoin is a bit too easy to get to, if you ask me.

You should give it a crack then, if it's so easy.

Demonic shady characters are highly involved with this Bitcoin lark. Ready to defraud anyone they can. They are psychopaths without any redeeming qualities.

I came from nothing. Took 60 million yen off the table from btc this year. But yeah, whatever you say.

Is this a real story?

Blaming Bitcoin for this hack is like blaming the dollar when a bank leaves its vault door open for anyone to steal it.

FDIC?

Is this a real story?

I have no reason to lie. I bought in 2017. And held and it exploded. There’s money to be made here but most know it alls want to scoff instead. That’s cool

I assume the exchange is insured for such losses and everyone will be made whole the same as with banks or brokers.

The choice of spokesperson speaks volumes about a company...

Is this the same DMM as the karaoke chain?

The Karaoke machine brand is "DAM" and it is from DK Karaoke, and they have the Karaoke parlour "Big Echo".

This DMM is an internet company that has digital stores, specially for games, and other products like streaming platforms.

They are also known for being one of the biggest distributors of Adult games in Japan, and they are partnered with "Nutaku" for distribution outside of Japan.

Tom JjToday 05:45 pm JST

Bitcoin is a bit too easy to get to, if you ask me.

> You should give it a crack then, if it's so easy

Obviously, you had a tough time understanding the lead up to and gist of the comment. I didn't say it was easy for me and I don't particularly care to be honest.

Is this the same DMM as the karaoke chain?

Next tune up is B'z with "Easy Come, Easy Go".

It has a finite number, in contrast to fiat currency which governments can and do create ouf nothing at a push of a button. You may trust your Yen or Dollar because current inflation is within bounds of reason. But look Zimbabwe or Weimar Germany to see what governments can do and have done with those "safe" fiat currencies.

This is how you would sell Bitcoin, while we just read that 48bil Yen disappeared (and are most likely never retrievable)?

The Bitcoins did not "disappear", they were stolen. And crypto theft like this can only occur at those crypto "exchanges". If you want to be safe the traditional way, you can print out your Bitcoin code on paper and keep that under your mattress. Of course, they can still be stolen, only in a more traditional way

we know.

falseflagsteve

Demonic shady characters are highly involved with this Bitcoin lark. Ready to defraud anyone they can. They are psychopaths without any redeeming qualities.

...and demonic shady characters are not highly involved with this Yen, Dollar, or Pound lark? Not even to mention those CBDC plans so many governments are preparing?

Probably the Government took it.

I assume the exchange is insured for such losses and everyone will be made whole the same as with banks or brokers.

In their public statements DMM claims all lost Bitcoin will be returned to their respective owners.

You can't even begin to compare the scale of this to the MtGox hack.

DMM lost less than 4,500 btc. Gox lost 850,000.

Crypto currency supporters talking about how good it is and how it is the future. But they still can't protect it.

Sure, banks get robbed. But ...