COINCHECK HACK - Or how to avoid to get rekt!
This morning, the Japanese crypto exchange platform #Coincheck was hacked and had 526 million #XEM (c. USD 400 m) stolen.
It has nothing to do with #NEM - there is no issue with the tech, and according to them, the blame lies exclusively with Coincheck:
“As far as NEM is concerned, tech is intact. We are not forking. Also, we would advise all exchanges to make use of our #multi-signature smart contract which is among the best in the landscape. Coincheck didn't use them and that's why they could have been hacked. They were very relaxed with their security measures," Lon Wong, President of the NEM.io Foundation.
Also, to be clear: It's not an issue of NEMs tech. NEM is one of the most secure blockchains out there ...
Official statement: https://coincheck.com/en/blog/4673
What you should always do:
- NEVER EVER store larger amounts on exchanges!
- Make sure you are using serious exchanges!
- Get yourself a hardware wallet!