4 weeks ago
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Someone Stole Almost Half a BILLION Dollars by Japanese Cryptocurrency Exchange

coincheck-hacked

Coincheck, a Tokyo-based cryptocurrency exchange, has suffered what appears to be the biggest hack inside the history of cryptocurrencies, losing $532 million in digital assets (nearly $420 million in NEM tokens and also also also $112 in Ripples).

In 2014, Mt Gox, one of the largest bitcoin exchange at in which time, filed for bankruptcy after admitting This particular had lost $450 million worth of Bitcoins.

Apparently, the cryptocurrency markets reacted negatively to the news, which resulted in 5% drop in Bitcoin cost early This particular morning.

In a blog post published today, the Tokyo-based cryptocurrency exchange confirmed the cyber heist without explaining how the tokens were stolen, and also also also abruptly froze most of its services, including deposits, withdrawals and also also also trade of almost all cryptocurrencies, except Bitcoin.

Coincheck also said the exchange had even stopped deposits into NEM cryptocurrencies, which resulted in 16.5% drop in NEM coin value, as well as different deposit methods including credit cards.

During a late-night press conference at the Tokyo Stock Exchange, Coincheck Inc. co-founder Yusuke Otsuka also said in which over 500 million NEM tokens (then worth around $420 million) were taken by Coincheck’s digital wallets on Friday, however the company didn’t know how the tokens went missing, according to fresh source Asahi.

The digital-token exchange has already reported the incident to the law enforcement authorities and also also also to Japan’s Financial Services Agency to investigate the cause of the missing tokens.

“We will report on the damage situation and also also also cause of the case, measures to prevent recurrence, however first we would certainly like you to take every possible measure to protect our customers,” said Executives of the Financial Services Agency (translated).

This particular incident marks yet another embarrassing hack inside the earth of digital currency technology, Yet again reminding us in which the volatility in cryptocurrency prices is actually not going away anytime soon.

So far, the exchange has not provided any official statement regarding the cause of This particular hack. We will keep you updated about This particular incident. Stay Tuned!

Article Categories:
Security Hacks

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