Coincheck Hack: What to Know About the $400 Million Loss

27 January, 2018, 20:25 | Author: Martin Tyler
  • Coincheck Hack: What to Know About the $400 Million Loss

Coincheck stopped trading, withdrawal, and deposits of XEM, NEM's cryptocurrency, at 04:00 UTC this morning.

The company subsequently suspended withdrawals in all forms of digital currency as well as in yen.

Billionaire investor George Soros, known for his legendarily successful currency trading, has dismissed bitcoin as a "typical bubble". NEM was trading at $0.855, down 8.3%.

Coincheck said it didn't know how the 500 million tokens went missing, but it is working to ensure the safety of all assets.

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Japan's Financial Services Agency is also investigating the theft and issued a statement noting it was "looking into the facts surrounding Coincheck".

Coincheck, founded in 2012, had 71 employees as of July with headquarters in Tokyo's Shibuya district, an area popular with start-ups that was also home to Mt. Gox, according to Coincheck's website.

"This case could cause distrust of the virtual currency industry, so we deeply regret [the incident]", Wada said.

Coincheck said it isn't aware of how its service was compromised.

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Asked whether the firm had sufficient security measures in place to protect clients, Otsuka said they were doing their best but admitted they might have come up short. That contrasts with a cold wallet, where funds are stored securely offline. The combined 525.3 million NEM stolen, some 5.8 percent of the total circulating NEM supply, is valued at roughly $500 million. Enough to gain an understanding, not enough to change a life. It is said to be considering compensating users who were affected.

On Friday night, users of Coincheck had gathered around the building in central Tokyo where it is located.

Due to the surging interest in blockchain technology and the collapse of bitcoin exchange Mt. Gox in 2014, Japan made legal revisions in April to tighten regulations on virtual currency exchanges.

"We've seen several outages at various crypto exchanges recently, so the extent and seriousness of Coincheck's halt isn't yet clear".

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The record-setting hack underscores one of the major risks associated with cryptocurrency. The exchange trades 13 different cryptocurrencies.

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