Crypto

CryptoCurrency Hack Loss Larger than Mt Gox

Coincheck has confirmed that it has suffered what now appears to be the biggest hack in the history of the crypto-technology. Crypto Hack

In a press conference the other day the exchange’s President Wakata Koichi Yoshihiro and COO Yusuke Otsuka estimated its loss is at 58 billion yen (approximately $533 million).

Five hundred million NEM tokens were reportedly taken from Coincheck’s digital wallets.

It was revealed as well that Coincheck was not in fact registered with Japan’s Financial Services Agency, but now has plans to do so.

The exact dollar figure for the incident is hard to estimate – however  data suggests the figure is now at least north of  $400 million.

Tellingly, the dollar amount snatched from Coincheck is greater than the amount stolen from Mt. Gox in 2014 (roughly $340 million).

Rumors had been circulating about the theft since last night when Coincheck suddenly froze most of its online services.

The firm announced on its website that it had restricted trading, deposits, and withdrawals of XEM (the token running on the NEM blockchain).

Trading of all cryptocurrencies was also restricted within the same hour, with the exception bitcoin.

Olé Crypto,

CBNN

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