MyCointainer platform shut down

[Freemind]

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.

[Ujok]

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.

[ABCbits]

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.

[TomPluz]

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.

[hugeblack]

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.

[MrSpasybo]

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.

[Freemind]

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.

[Stompix]

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!

[bitterguy28]

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

[yhiaali3]

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?

[hugeblack]

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.

[Bobcrypto]

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

[ABCbits]

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

[Jating]

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.

[yhiaali3]

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.