Japanese Cryptocurrency Exchange Loses Over $500 Million In Heist

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One of Japan's biggest cryptocurrency exchanges, Coincheck, said it lost about $530 million in crypto coins to hackers.

As such, Coincheck's deposit restrictions have spread to cover all NEM sales and purchases, which also includes withdrawals. In this way, the massive Coincheck theft is superficially reminiscent of the infamous Mt. Gox hack of 2014, but differs in key ways that underscore how far the industry has come.

If the theft is confirmed, it will be the largest involving digital currency.

Since the heist, Coincheck has stopped trading in all tokens except Bitcoin, as the company says that it doesn't know how the NEM tokens were taken (sounds like a hack to us). Meanwhile, NEM, which is the tenth-largest cryptocurrency on the market saw an even greater decline, falling to a 10-day low of $0.775.

The exchange posted several updates in a blog post and that announced that "certain Coincheck Payment features will be temporarily unavailable starting at 5 pm JST on 1/27/2018".

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Coincheck, a Japanese cryptocurrency exchange, is set to use its own money to pay back victims of a hack of its exchange.

Some 58 billion yen ($533 million) in cryptocurrency has disappeared from a Japanese exchange due to hacking, local media reported Saturday. However, some reports, including one from The Guardian, suggest that the November loss could go as high as $300 million. The price of the cryptocurrency was up more than 30% over the last twenty-four hours, trading at $1.11 a coin at last check.

"Currently, buying and selling other than BTC (ortho coin) is temporarily suspended". "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". In a recent tweet, Coincheck said that the investigation into the hack is now ongoing.

Coincheck is not registered with Japan's Financial Services Authority, unlike other crypto currency exchanges such as Quoine and BitFlyer. Coincheck had however not obtained this license and was not under the regulating authority.

It is hard to ascertain the impact of the loss of Coincheck's trading volumes on the overall cryptocurrency ecosystem.

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