Nicholas colas: the hacking of bitcoin exchanges will continue

Last week there was a major hacking
Japanese cryptocurrency exchange Coincheck, which was stolen 523 million NEM coins. This forced the site to stop the withdrawal of all funds with the exception of bitcoin. The total value of the stolen coins were made at the time of the theft, about 534 million dollars.

Although the cryptocurrency market has stabilized pretty quickly, experts believe that this hacking is just the beginning. In an interview with CNBC analyst Nicholas colas (Nicholas Colas) said that in the near future we can expect more attacks on cryptocurrency exchanges.

From hacking Coincheck was a positive side. First, the exchange plans to pay
funds in the amount of 435 million dollars (the current price of tokens) to the owners of 260 000 accounts that have fallen victim to hackers. This represents more than 80% of the entire stolen amount. Given that compensation could not be General, users will not be very disappointed.

Second, the Japanese financial services Agency (FSA) has punished Coincheck not so severe as many had feared. In fact, the regulator has ordered the exchange to fully explain the circumstances of the break and introduce a number of updates to prevent «similar events in the future.»

In connection with the hacking Nicholas colas, co-founder DataTrek Research, said:

«I think that the attack confirms the fact that industry still have a long way to address security issues. This hack, of course, not the first, nor will be the last».

Nicholas explained that the case of Coincheck, when a large number of assets stored in a hot wallet is a bad practice. He said, «Keeping 100% of your scriptactive on the Internet is a bad idea both for the company and the individual investor». In his opinion, the perpetrators of the burglary was a group of hackers, not one scammer:

«Typically in the industry of cryptocurrency there are organized groups of hackers, and not a separate fraud. Because once they steal the funds, you need to understand how to monetize them, and it is a difficult task, usually excessive for one person.»

Kolas do not doubt that in the future there will be new attempts of hacking cryptocurrency exchanges, because it is too attractive to hackers the opportunity to try to steal virtual currency worth millions of dollars just sitting at a computer. Kolas urged all owners of scriptaction with caution to treat their means and to choose a reliable methods of storage. As practice shows, cryptocurrency exchanges not included in the list of safe places to store money.

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