Economy

$530 million stolen in from Coincheck another Bitcoin / Cryptocurrency blow

$530 million stolen in from Coincheck another Bitcoin / Cryptocurrency blow

Japanese cryptocurrency exchange CoinCheck has confirmed that $530 million worth of cryptocurrency had been stolen from the platform.

Hackers stole several hundred million dollar's worth of one lesser-known cryptocurrency from a major Japanese exchange Friday.

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

Police and the Japanese government's financial regulator, the Financial Services Agency, have been notified of the breach, they said.

Coincheck announced the shutdown of NEM deposits at about noon Japan Standard Time Friday (10:00pm Eastern Time on Thursday).

"Traders are very sensitive to any news involving the big exchanges", said Peter Sin, co-head of the digital currency sub-committee at ACCESS.

Adding to the chain of events were unsubstantiated reports of upwards of $600 million of NEM leaving the exchange, per a report on CoinTelegraph.

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The exchange has said it's considering compensating clients.

"I heard security measures were in place through segregated management of customers' assets", the man said. Coincheck applied for the registration in September a year ago and the agency is still examining its application. Wong told Cryptonews that NEM's technology was not responsible and that Coincheck did not implement NEM's multi-signature smart contract, "and that's why they could have been hacked". Other estimates peg the loss a bit lower at around $420 million, and some have it as high as $600 million.

Data from CoinMarketCap showed that while cryptocurrencies generally took a tumble after the hack was revealed, each of the top 20 coins and tokens by market cap began to recover over the last few hours as of press time. He also invested about ¥2 million in NEM.

Another Tokyo exchange, MtGox, collapsed in 2014 after admitting that $400m had been stolen from its network.

But Coincheck is doing business in the meantime as a quasi-operator.

Cryptocurrency Market Capitalization - January 25, 2018Ripple (XRP) Continues to Fall Towards Important Support Level We identified Ripple earlier in the week as having with important support situated around the $0.86 level.


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