The biggest security crypto hack just happened with Coincheck (Japan) – and it’s bigger than the infamous Mount Gox collapse.
You can see this article: Coincheck Confirms Crypto Hack Loss Larger than Mt Gox
The total dollar amount hacked of the NEM cryptocurrency (no other cryptos were affected) was roughly $400 million – some sources say $533 million – compared to Mt Gox’s estimated $340 million.
Coincheck confirmed Friday that the hack, now likely the largest ever in the space, occurred on its servers early afternoon local time in Tokyo. Shortly after it discovered the theft, the exchange suspended trading of NEM, the stolen crypto in question, then of the other dozen coins it lists.
Coincheck is looking into compensating its customers, its executives also announced – which is different from Mount Gox where there was a total loss for investors. The amount is unknown at this time.
So given this hack, we have to talk about security.
Anything that is connected to the internet can be potentially hacked. These are all hot wallets – because they are hot on the internet.
You should consider holding a cold storage unit – like the one we recoommend with Ledger Nano S.
When you plug it into a standard mini USB to full-size USB cable to a computer – the device will turn on and you can begin configuring it by pressing the two buttons at the top together.
There’s different apps – a Ledger Wallet Bitcoin for bitcoin and a Ledger Wallet Ethereum for ethereum. If you have both bitcoin and ethereum, you’ll want to download both.
If you don’t see it – go to the top right Settings – and go to My Extensions and Apps and you should see it there.
Next, you login with your pin code on your Ledger USB device and enter inside the Ethereum app – matching the Ethereum app you have opened in your Google Chrome browser.
Then a new window should pop up allowing you to send and receive your ethereum.
This is a cold storage unit that you can carry around with you anywhere and is generally considered the safest way to store your crypto.
So if you don’t already have one, check out the Ledger Nano S.
Bitcoin may be peeping just outside of the downward sloping line. Ideally, I would like to see a move towards 14000 but it looks a bit sluggish to me.
The Ethereum chart is more bullish than Bitcoin. It, too, is just popping over its downward sloping channel – though it cleared its first downward sloping channel several days earlier and is now clearing its second slope line – so things look rosier for ethereum.
This market is seriously due for a correction but based on the potential a-b-c formation, we issued a buy alert earlier this week at around 2844 ES – and exited too early at 2861 ES – because the last hour on Friday pushed the market allt he way up towards 2875. People say cryptos are in a bubble – seriously?? Have you seen the S&P chart?
The Nasdaq looks like it may go for another pop on Monday morning before maybe correcting?
If you are new to crypto – the most popular place to get started is Coinbase – use this link to get $10 in bitcoin when you sign up. For smaller cryptos, I’ve been using Binance – though I’ve been having issues verifying my identity with them. So far it seems to be one of the better platforms for getting exposure to various cryptos.
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