Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
The more than $500 million cryptocurrency heist at a major Japanese exchange last week is unlikely to be the last such hack, according to a Wall Street analyst.
"I think [the attack] does highlight the fact that the industry still has a long way to go in terms of basic issues of security," Nicholas Colas, co-founder of DataTrek Research, told CNBC's "Squawk Box" on Monday.
"This is certainly not the first, nor will it be the last, such hack attack on cryptocurrencies and, all things considered, I think they're taking it fairly well in terms of price," Colas added.
His comments came after Japanese exchange Coincheck announced Friday that around 523 million of its NEM coins had been directed to another account. Those coins were reportedly worth approximately 58 billion yen ($534.8 million) when the hack was detected.
The exchange later said in a blog post on Sunday that it would be making reparations to roughly 260,000 affected users, adding that it offered its apologies for the "immense distress" caused to customers following the hack. Around 46.3 billion yen ($425 million) will be returned in total, although Coincheck said the method and period of reparation had yet to be decided.
Coincheck management said in a press conference last week that it held the NEM coins in a "hot" wallet, referring to a method of storage that is linked to the internet — a method that was "not industry standard," according to Colas.
"Keeping 100 percent of your crypto assets online is a bad idea for an institution, or frankly, for an individual who has a large amount invested in it as well," he said.
As for who the hackers could be, the analyst ventured that a group — rather than an individual — was more likely to be responsible.
"The typical hackers in cryptos have been organized groups [as opposed to] lone attackers. Because, obviously, once you get the coin, you've got to figure out how to atomize it and monetize it in some way and that's a bigger challenge than typically one person can do," Colas explained.
In the latest development in the saga, Japanese financial regulators on Monday indicated that they had plans to enforce "administrative punishment" against Coincheck following the massive hack, Reuters reported.
Local news agency Kyodo reported Monday afternoon that the Tokyo Metropolitan Police intended to carry out voluntary questioning of those associated with the exchange.
— CNBC's Evelyn Cheng contributed to this report.