Coincheck Hot Wallet Hack Largest On Record: $530M In Crypto Coins Stolen

Jan 28, 2018, 00:33
Coincheck Hot Wallet Hack Largest On Record: $530M In Crypto Coins Stolen

The operator of a cryptocurrency exchange in Tokyo announced on Friday night that a hack has resulted in the loss of about 58 billion yen in the virtual currency NEM, reports NHK (Jan. 27). Coincheck to suspend all withdrawals of NEM, as well as sales and purchases.

Regardless of the official tally, it's a major theft, surpassing the ~$340 million that was famously stolen from Mt. Gox in 2014.

Coincheck confirmed late on Friday of the theft approximately $400 worth of NEM tokens from the exchange's wallet.

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A 28-year-old computer programmer from Setagaya Ward, Tokyo, who spent ¥1 million on NEM and bitcoin last year, said, "I want detailed explanations about what happened". Now there are 16 regulated cryptocurrency operations in Japan but Coincheck is not now a licensed platform.

Bitcoin on Friday dropped 3.4 percent and Ripple retreated 9.9 percent, according to prices available on Bloomberg.

Wong also said people shouldn't panic yet, until we know more about this.

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The loss would be the biggest to affect a bitcoin exchange, exceeding the 46.5 billion yen that went missing from Mt. Gox, a now defunct virtual currency exchange. They have had to unfortunately suspended withdrawals of nearly all cryptocurrencies.The exchange has already reported the incident to the police and to Japan's Financial Services Agency. If cryptocurrency exchanges do not ban together to require stringent operating principles and strict security protocols, government authorities will.

"Currently, buying and selling other than BTC (ortho coin) is temporarily suspended".

The restriction on NEM created tension on NEM investors which was followed by massive withdrawals before the exchange stopped all currency withdrawals. "We are tracing them and if we're able to continue tracking, it may be possible to recover them, but it is something we are investigating at the moment".

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Rieger said third parties helped with tagging the accounts by sharing information about legitimate Coincheck withdrawals. Many of these platforms are not regulated but multiple thefts have caught the attention of authorities around the world. Coincheck didn't use them, and that's why they could have been hacked.

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