Japanese Cryptocurrency exchange has lost more than $500 million to the Hackers

Suzette Paulsen

January 27, 2018 3:36 pm

Japanese Cryptocurrency exchange has lost more than $500 million to the Hackers | Coindelite News
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Hackers have stolen coins worth $500 million from Japan’s Coincheck exchange

Japanese cryptocurrency exchange Coincheck announced on Friday that, around 523 million of the exchange’s NEM coins were transferred to another account around 3 a.m. local time.

According to the exchange, the hacked coins were worth about 58 billion yen at the time of the investigation, or roughly $534.8 million.

Coincheck management said that it held the NEM coins in a “hot” wallet, referring to a method of storage which is linked to the internet.

On the major Japanese exchange Friday, hackers have stolen Cryptocurrency, which had been worth hundreds of millions of dollars.

Coincheck told that around 523 million of the exchange’s NEM coins were transferred to another account around 3 a.m. local time (1 p.m. ET Thursday). According to a Japanese press conference from Logmi published that, the exchange has around 6 percent of yen-bitcoin trading.

The exchange mentioned that the hacked NEM coins were worth around 58 billion yen at the time of the investigation, or approximately $534.8 million. Coincheck frequently declined withdrawals of all currencies, including yen, and trading of cryptocurrencies other than bitcoin.

The Japanese exchange told it did not appear that hackers had stolen other digital currencies.

Morgan Stanley analysts calculated in mid-December that more than $630 million bitcoin investment has been lost to hackers.

Recently as per another news, at the end of November 2017, Tether was also hacked and lost coins worth $30 Million. Both the hacks were big enough to cause a chaos and most importantly the common people lost their hard earned money. The exchanges should have taken accountability and learned a lesson to ensure proper security measures in the future.