Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Freemind on September 22, 2024, 04:10:32 PM
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In a statement published a few hours ago in the company's official Telegram group, the MyCointainer staking platform announces that it is closing its doors due to a security incident. At the moment no further details have been revealed except that they will keep their users updated.
The announcement: MyCointainer platform shut down (https://company.mycointainer.com/mycointainer-platform-shut-down/).
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With the improvements in the security of this platform, hopefully the problems currently being experienced by the team will be resolved soon and provide convenience for customers so that customer account data can be safe from criminals.
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I'm not familiar with this company. But their behavior is commonly used to perform exit scam, especially when they also suspend withdraw. Anyone who store money/coin on MyContainer should start collect and store all proof they have.
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I heard of this crypto-based platform before but I am not so familiar with its business and the market reach that they are able to generate. Now, with the statement they just released, I think it is obvious that they experienced some kind of a hacking which put may of its managed assets on risks...and the management decided to liquidate the operation. Let's hope at the end of the day, the losses are not significant that can caused anyone to be severely disappointed. As we are heading into the end of the year and a new year coming, there will be an increased activities to steal not just from the people who are in crypto but also any platform that is showing some possible security weaknesses. Hope the message of this unfortunate incident is getting to all crypto platform to beef up their security so all can be safe.
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This seems closer to Exit Scam than that it is a service that stopped its operations, as stopping the services does not mean that customers lose their money and if the company is sent off due to hacking or stealing the initiative, it must start by announcing its bankruptcy and not closing the service.
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This seems closer to Exit Scam than that it is a service that stopped its operations, as stopping the services does not mean that customers lose their money and if the company is sent off due to hacking or stealing the initiative, it must start by announcing its bankruptcy and not closing the service.
MyCointainer is a fairly well-known platform in the staking field. I'm uncertain about whether users assets are secure. Typically, when a platform shuts down, it's accompanied by a severe attack on user data and assets.
If given the choice, I think Lido would be a better option as participants will have stETH to trade in unexpected situations where they can't access their ETH. Additionally, I'm not in the habit of entrusting my assets to a staking platform as MyCointainer. I think I can only trust Binance when I want to stake tokens easily and quickly.
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With the improvements in the security of this platform, hopefully the problems currently being experienced by the team will be resolved soon and provide convenience for customers so that customer account data can be safe from criminals.
I agree with what you say, but it is not just about the personal information of the users, but about the funds deposited on the platform. I know people who had a lot, a lot of money on that platform, so I hope that the funds can be recovered without problems, although from what can be deduced from the announcement we still do not know the extent of the problem.
As I have always said, 100% effective security is unattainable and cybersecurity budgets are usually very low. When we combine both things, disaster is usually a matter of time, unfortunately.
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although from what can be deduced from the announcement we still do not know the extent of the problem.
From this :
MyCointainer has reported the incident to the relevant authorities and is currently in the process of appointing a liquidator to manage the next steps in this process
it means bankruptcy and sale of assets, so, I can guess they have lost everything! Quite ironic:
In emergencies, the Secure Asset Fund for Users (SAFU) protects the MyContainer users' funds.
Anyhow, is there any proof they were actually staking the coins, like traces in the ETH chain or anything?
Cause I can't find any data on them actually running a pool!
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In a statement published a few hours ago in the company's official Telegram group, the MyCointainer staking platform announces that it is closing its doors due to a security incident. At the moment no further details have been revealed except that they will keep their users updated.
i do not use this platform but it seems serious to me since they closed the company now usually if a breach has happened they would try to fix it or assess the damage without informing the public first but since they have already closed, we can assume that many has lost their funds already
if so how unfortunate i hope the users can still get some of their money from the platform
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According to the link, they say:
Following a significant security incident that led to a breach affecting multiple wallets, MyCointainer has made the decision to discontinue its operations.
This means that there was a major hack that they were unable to control, which may have led to the loss of most of the assets, and thus the service is unable to continue its operations or compensate affected users.
This also coincides with the BingX exchange hack incident, but the exchange announced that the damage was minor and that those affected will be compensated, unlike MyCointainer.
I am surprised by the large number of hacking incidents. Is this due to weak protection or due to the development of hacker methods?
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This seems closer to Exit Scam than that it is a service that stopped its operations, as stopping the services does not mean that customers lose their money and if the company is sent off due to hacking or stealing the initiative, it must start by announcing its bankruptcy and not closing the service.
MyCointainer is a fairly well-known platform in the staking field. I'm uncertain about whether users assets are secure. Typically, when a platform shuts down, it's accompanied by a severe attack on user data and assets.
According to @Stompix it looks like they have filed for bankruptcy which means customers may still get their money back but it may take a long time and is a bit better than Exit Scam.
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With the improvements in the security of this platform, hopefully the problems currently being experienced by the team will be resolved soon and provide convenience for customers so that customer account data can be safe from criminals.
The Security of any crypto staking platform can not get it enough when you are dealing with the safety of users funds. A platform that is dedicated for staking crypto from the general crypto community must be up and doing (security conscious) at all time to retain its trust from users
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if so how unfortunate i hope the users can still get some of their money from the platform
If you checked link shared by OP, it seems to be impossible.
Do not deposit new funds to the platform. All exchanges and withdrawals have been suspended.
Even if it's not exit scam, it could take long time where the customer only partially recover their money/coin.
I am surprised by the large number of hacking incidents. Is this due to weak protection or due to the development of hacker methods?
Sometimes i have feeling company don't want to spend too much money on security aspect. Although i believe this quote may have some truth.
There are only two kinds of companies: those that have been hacked, and those that will be.
- Robert Mueller, FBI director, 2012
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I'm not familiar with this company. But their behavior is commonly used to perform exit scam, especially when they also suspend withdraw. Anyone who store money/coin on MyContainer should start collect and store all proof they have.
If I'm not mistaken, there are a lot of complaints or at least accusations that this platform are scam. If my memory serves me right, there are some staking on their platform that gives 70% return.
That is too good to be returns though, so that is might be the initial suspect that they are running a scam. And who knows, this could be just another way to rug pull or exit scam by saying that they have been hacked or have been breached.
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Sometimes i have feeling company don't want to spend too much money on security aspect. Although i believe this quote may have some truth.
There are only two kinds of companies: those that have been hacked, and those that will be.
- Robert Mueller, FBI director, 2012
Thanks for the quote I liked it, yes it's absolutely true "There are two types of companies that have been hacked and those that will be hacked", yes I have come to believe this already.
This is a really expressive quote meaning all companies will be hacked one day regardless of the reasons, whether it is due to weak security protection or the development of hacker capabilities or even internal cooperation from one of the company's officials with hackers.
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I didn't know of this service before this post, so it was a staking platform and now they have lost all their customers funds and gone bankrupt, how cliche can that be. It is so much danger to trust custodial services, i know the interest you are promised is attractive, but don't fall for it, hold your money, don't store it in any centralized exchange or lock it in any staking platform, not your keys, not your coins.
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I am familiar of them but I think that aside from that concern, there are other reasons why they have to close and shutdown their service. I think that we'd see some the same platforms that are going to close every bull run's to come. Since when we've been seeing crypto related platforms shutting down? since last year I think. And there will be more of them to come for sure. It's possible that they might relaunch a new platform with a different branding and name.
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According to @Stompix it looks like they have filed for bankruptcy which means customers may still get their money back but it may take a long time and is a bit better than Exit Scam.
~some of their money
And this is only if they have enough assets to cover first the cost of the bankruptcy at all!
Still, I would love to see an explanation of how coins that were supposed to be staking have been lost and what this platform was actually staking those for, two days later I still couldn't find a trace of them actually being involved with a pool!
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I am familiar of them but I think that aside from that concern, there are other reasons why they have to close and shutdown their service. I think that we'd see some the same platforms that are going to close every bull run's to come. Since when we've been seeing crypto related platforms shutting down? since last year I think. And there will be more of them to come for sure. It's possible that they might relaunch a new platform with a different branding and name.
For reasons like the ones you mention, I have never liked this type of services, when you least expect it they can give you bad news. The problem is that the same thing almost always happens, reputation is earned over a relatively long period of time and when people start to trust and stake their assets... boom. Recovering those assets is either impossible or a really long and tedious path (just remember Mt. Gox) for affected users, and that would be if those assets could be recovered, something that is not yet very clear.
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With the improvements in the security of this platform, hopefully the problems currently being experienced by the team will be resolved soon and provide convenience for customers so that customer account data can be safe from criminals.
I think there is no problem they just want to scam their users because that's not how statements are made about hack or security issues they are definitely going to scam people users should take early steps to make moves against them if any one has even trusted this platform which looks like a scam from the looks.
I am shocked to see such small projects are being discussed here but I saw no thread about 2139 exchange scams they also exited scam the customers and scammed millions of dollars why there is no thread on them.
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MyCointainer is a fairly well-known platform in the staking field. I'm uncertain about whether users assets are secure. Typically, when a platform shuts down, it's accompanied by a severe attack on user data and assets.
My bets are on that it lost a significant amount of user funds that were supposed to be for staking and they can't continue their normal operation anymore.
If given the choice, I think Lido would be a better option as participants will have stETH to trade in unexpected situations where they can't access their ETH. Additionally, I'm not in the habit of entrusting my assets to a staking platform as MyCointainer. I think I can only trust Binance when I want to stake tokens easily and quickly.
You want to make Lido bigger? They already control over half of the staking power, and not just Ethereum at that but also some other blockchains too.
Just because the platform is now staking instead of mining doesn't mean it's OK to put everyone's eggs in one basket.
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You want to make Lido bigger? They already control over half of the staking power, and not just Ethereum at that but also some other blockchains too. Just because the platform is now staking instead of mining doesn't mean it's OK to put everyone's eggs in one basket.
Well, the alternatives are Binance, Coinbase and etherfi!
So, close your poison as it was clear from the start we will have at maximum 4-5 big guys and the rest struggling for some scraps.
But I'm sure they will do some background deals so that despite them having more staked they will transfer to some lesser-known pools or directly unknown to hide that just 3 actors have enough not for a 51% but 75%!
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You want to make Lido bigger? They already control over half of the staking power, and not just Ethereum at that but also some other blockchains too. Just because the platform is now staking instead of mining doesn't mean it's OK to put everyone's eggs in one basket.
Well, the alternatives are Binance, Coinbase and etherfi!
So, close your poison as it was clear from the start we will have at maximum 4-5 big guys and the rest struggling for some scraps.
And if you consider the staking fee, Binance and Coinbase are few company which have very high staking fee. That leaves you with fewer popular option, even if you don't care about network health or using custodial service.
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And if you consider the staking fee, Binance and Coinbase are few company which have very high staking fee. That leaves you with fewer popular option, even if you don't care about network health or using custodial service.
And as usual, we end up with just a few possibilities, like in everything in this world, centralization and accumulation are everywhere, that's why we have a few major ISP everywhere, a few major banks, some chainstores, everything, even Bitcoin mining pools suffer from the same fate and issues!
Tru decentralization can happen only when there is no $ involved and only dedication, like torrent seeds for example!
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According to the link, they say:
Following a significant security incident that led to a breach affecting multiple wallets, MyCointainer has made the decision to discontinue its operations.
This means that there was a major hack that they were unable to control, which may have led to the loss of most of the assets, and thus the service is unable to continue its operations or compensate affected users.
This also coincides with the BingX exchange hack incident, but the exchange announced that the damage was minor and that those affected will be compensated, unlike MyCointainer.
I am surprised by the large number of hacking incidents. Is this due to weak protection or due to the development of hacker methods?
most of the time insiders are involved.
hey does anyone know how much these people had to lose.
1 million worth of coin
10 million worth of coin
100 million worth of coin?
btw pretty much a perfect illustration of why pos = piece of shit.
I wish that pos was ended world wide since it is designed to do exactly what was done here.
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They stated security challenges as their excuse for closing down, could this be that they have been hacked or what because this was the same way FTX announced their closing if I am not mistaken and after much pressure they came out publicly to make it known to their customers what transpired and admitted to their mistake.
With all these happenings, people still make that mistake of keeping their assets with third parties all in the name of farming to make profit and at the entire end they can not lay their hands on their investments not to talk of profit. People should be wise and always save their assets in a self custodial wallets so that they do not get to hear stories from third parties they kept their assets with in the name of farming to get profit.