Putting 336 Bitcoin in a web wallet should be considered a crime by itself!

Well, I dont understand why the company did not purchase their own safe wallet or a cold wallet like Trezor or Ledger Nano wallet.
They prefer to used web wallet and I think they know that these web wallets are easy to compromise and prone to hack. Storing 336 bitcoin on web wallet while hardware wallets will only cost below a hundred dollars, --how poor their knowledge on crypto storing process.

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Another tweet an hour ago they stopped all bitcoin transactions, perhaps they start investigating now. I have doubt it is an inside job.

It's bleedin' obvious. Get a hardware wallet. It's hardly a well kept secret. I guess they reasoned spending 0.001 BTC made less sense than losing 336.

Coincheck decided the same and that cost them $500 million. Some fascinating reasoning.

I could just about wrap my head around the idea of some crappy service that occasionally dabbled in BTC being lazy enough to use blockchain.info. An exchange? Sheesh.

Even if big names like Binance get hacked, how can people have the trust to store their coins on a small exchange like this one? I get that they are traders, but traders need to understand that there's always a big risk of a hack, a "hack" or an exit scam, and unless they make truly crazy money from day trading, it's simply not worth it to do trading from the point of view of risk/reward calculation, because the risk of incidents like this results in a negative expected value.

Crypto traders will never really learn, unless it's too late and then they will blame the system, the exchanges. But if they would just look closely, storing bitcoin in wallet that you don't have control in the first place is a big risk. And now the worst had happen, the exchange has been hack or maybe there was an inside job or probably some employees click a malicious link that started all.

And small exchanges like this don't have SAFU, for sure. Of course, we wanted them to pay back and compensate their users, so we will have to see, but the chances are slim.

My question is, are they fully oriented on how to use Bitcoin or cryptocurrency?

That is a huge amount that something you trust web wallet and you know that you didn't own the private key of your wallet. Sounds strange for me, how this comes up like this.

I checked that transaction of scammed address, it seems like 336 bitcoin has been divided into small amounts within different addresses, the last 85 amount of Bitcoin landed on this transaction address. It seems like the hacker didn't cashout yet Bitcoin into fiat.

I'm not familiar with the company itself but base on the posts here, they are putting their huge amounts of BTC in a not that safe wallet (web wallet) so the chances of them being hacked are high.

They are holding 336 BTC and yet they don't even know the basics of storing crypto. Just a hardware wallet can prevent hacking (at least a bit) but they didn't do it. Anyway, even the huge companies are getting hacked even they have been secured for a long time. People will never learn if they will not experiences things like this so lesson learned for them (hope so).

They call themselves an exchange but they could not secure their system, the way in which the hacker could infect the computer easily is just awful and they knew about the stolen coins once they lost the coins, it shows they had no idea what they are doing and they are not paying someone to take care of the IT security and even if they had their own hardware wallet the hacker could stole those coins, first learn to secure the system and then call themselves an exchange or than inviting hackers to test their practices.

Showing off his wealth in social media and flaunting his cryptocurrency wealth is welcoming them to unwanted trouble and that is what happened in this case you are talking about.

As per the owner Kumar Gaurav he filed a complaint in Delhi as he feels that the hacker is from India but the problem is that there are many hack complaints we filed in the past and coinsecure was another exchange that got hacked and we never recovered a single coin and i have filed many cases against ponzi scammers and even though i used to run to the cyber cell often they are yet to take any meaningful action against anyone, so no hope in that regard.

just because some idiot kid starts a website and calls that a "company" it  doesn't make it a real "company".
more and more of these low quality services have been popping up because people saw the profit that such services like exchanges make and thought they could do the same thing too but were too lazy and greedy to spend money on security!

Then they are in the wrong business if they don't know how to secure their wallet and their customers funds. They are considered a newbie despite claiming to be a company or crypto exchange. I'm interested as to who are the people behind it.


No one to blame but themselves. Hackers are every where and if by chance they spotted you with weak security or there are points of attack, like in this case a malware infection as per their tweet. Then its just a matter of time before they will be the next victims of the growing lists of exchange hacks.