Over $500 million have been Lost to Hackers - Japanese Exchange

NEM Price Drops below $0.8 due to Sudden 17% Decline					            JP Buntinx
NEM Price Drops below $0.8 due to Sudden 17% Decline JP Buntinx
Author

28 January, 2018

One of the biggest cryptocurrency exchanges in Tokyo, Coincheck was hacked and over $500m (£352m) worth of digital currency was stolen by hackers in what is now considered to be the biggest cryptocurrency heist to date. It was also rumored that the hackers may have stolen an additional $123 million worth of Ripple digital currency, too, as the exchange also suspended all Ripple withdrawals today.

The halt to yen withdrawals came after the exchange ceased trading in cryptocurrency NEM and all other cryptos except for bitcoin.

The Coincheck hack marks the largest single loss of cryptocurrency due to theft, fraud, or technical error. Coincheck managed its NEM accounts on systems vulnerable to hacking via external networks.

"By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it's for the "wrong" amount", Stripe product manager Tom Karlo said in a statement. Lon Wong, the president of the NEM Foundation, was quoted by Sead Fadilpašić and Stuart Garlick of Cryptonews.com as saying, "This is the biggest theft in the history of the world".

Coincheck was not registered with Japan's Financial Services Agency, but now the exchange is planning to do so.

We sincerely apologize for the inconvenience this has caused everyone.

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A number of trial water collection points have been set up already, and are popular with people trying to stock up. She said they were attempting to "create scapegoats and shift the blame on the seriousness of the water crisis".

Officials are looking into what happened and do not yet know when trading will resume.

He wrote that he has an investment of more than ¥10 million (US$92,000) worth of bitcoin in Coincheck.

"We're still examining how many of our customers are affected", he said, adding that the exchange was trying to find out whether the breach was from Japan or another country. The revealed misfortune best the 48 billion yen that Mt. Gox, a Japan-based Bitcoin trade, lost in 2014. Unlike Bitcoin, NEM is not mineable-all of the XEM was created at the start and distributed to investors.

Coincheck announced in an updating blog post that it had stopped trading of NEM and other coins as it dealt with the hack.

Another difference is that the Coincheck customers have some hope of being repaid, whereas most of the bitcoins stolen from Gox were never recovered and its users were not made whole.


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