Japanese firm says ¥3.5 bil missing in cryptocurrency hack

Here we go again....

It said it would compensate customers for the losses.

These bitcoin exchanges sure do have a lot of cash lying around to repay customers after these hacks occur.

My crypto is on a piece of paper in a physical safe-no exchange hacking possible!

@Yubaru

Mining was very very profitable at one point.Bitcoin prices went through the roof, and people became super rich. There are still alot of these profits sitting in bitcoin exchanges and such.

The last time there was a Crypto Currency theft.... the governments response was to let the Crypto Companies police themselves. Which basically means, we, the Japanese Government, will allow Yakuza groups to infiltrate crypto companies and steal all they want. The Japanese Government will not even investigate the crime.

Japan security is nothing

The hacks have prompted greater oversight of crypto exchanges by Japan's Financial Services Agency but critics says security gaps remain.

Love this little useless tidbit on the end. There has been literally billions of dollars hacked out of crypto currency wallets in the last few years. It’s pretty clear the current system is a complete and utter failure and it should be shut down permanently until they can properly secure the system.

It’s pretty clear the current system is a complete and utter failure and it should be shut down permanently until they can properly secure the system.

Problem with shutting them down, for however long, is that far too many people would lose access to their "money" and that would cause problems as well.

Personally speaking, having so many different crypto-currencies makes things confusing sometimes!

@SaikoPhysco

It is not the Yakuza. It is North Korea dling all the crypto hacks. This has already been proven last year.

Did they look behind the waste basket in the vault? There might be hard drive sitting there full of cash!

This is huge. This company just got hacked for almost 15% of their assets under management. That is a terrifying loss. The problem with block chain technology is that it is hard to protect because its new and still a very dynamic area. So when people find faults in your codes, they tend to be for big losses.

No reason not to think its an inside job. Some of those customer accounts are no longer being accessed for whatever reason. If there is a process to recover your stolen bitcoin, then some accounts will never be processed, so the company keeps it. Just another reason I prefer cash for everything. If I die and leave cash behind, my family can find it. I have even found cash I forgot about and I did not need a password to get to it.

Ask the 7-11 hackers.

This is what happens when you hire people based on university name regardless of what their degree was in to manage your network

I'm so glad I invested everything I had in Bitcoin after I got a nasty virus in my computer that went right through Norton saying I had to invest in Bitcoin in order to unlock my files! Never did get the files unlocked, lol.

what, again?? Just stop using the scam and you won't be scammed.

It can't work. It's a honey pot for every criminal organization on the planet. A single transaction takes the same electricity to power a house for an entire month. It can't scale. But people don't see the energy aspect. As for the criminality, the moment you try to stop that with regulations you might as well have kept your money in an insured bank account. Which exists BTW because of past criminality and decades of laws making it safe. Likely your government insures your savings.

What? Has nobody faxed the minister for cyber security yet?

LOL!

Maybe another bunch of Chinese students just like the 7-11 hack ?

Japan needs to get on board with how bad players act. Software connects people across horizons.

KNOW YOUR ENEMY!