Coincheck May Have Suffered The Worst Hack In Cryptocurrency History

27 January, 2018, 20:26 | Author: Salvatore Jensen
  • NEM Price Drops below $0.8 due to Sudden 17% Decline

In the press conference that the cryptocurrency exchange officials had organized, the CEO didn't speak much about security weaknesses and when probed, all he did was apologize about the hack.

One of Japan's largest cryptocurrency exchange Coincheck was hacked and an estimated $530 million worth of NEM was stolen.

CoinTelegraph reported that Coincheck insisted during the press conference that the security standards of hot wallets "were not low".

On its website, Coincheck said had suspended withdrawals of nearly all cryptocurrencies. Just recently a popular cryptocurrency exchange based in Japan, Coincheck has claimed that it has lost over $400 million in tokens after a hacking attack hit its service.

Cryptocurrency exchanges are now required to register with the government and submit annual reports, and the FSA can conduct on-site inspections and issue business improvement orders.

In the annals of cryptocurrency exchange platform hacks, the Coincheck incident is now the biggest hack ever, surpassing the Mt. Gox incident from 2014 when hackers stole over $450 million worth of Bitcoin. "We are doing our utmost to resume normal operations as soon as possible", said a blog post from Coincheck.




According to Coincheck, the company's outstanding balance in NEM was found to have decreased dramatically on the morning of January 26. "It's worth 58 billion yen based on the calculation at the the rate when detected", said Coincheck's chief operating officer Yusuke Otsuka late Friday.

Coincheck officials are now pondering a method of compensating some of the users who suffered losses, according to a user who live-tweeted the Coincheck conference [1, 2].

If the theft is confirmed, it will be the largest involving digital currency. That contrasts with a cold wallet, where funds are stored securely offline.

As news of the hack broke, anxious Coincheck users braved the frigid weather to gather at Coincheck's headquarters in Shibuya district to get more information.

The record-setting hack underscores one of the major risks associated with cryptocurrency. The exchange has about 6 percent of Yen-Bitcoin trading, ranking fourth by market share on CryptoCompare.

Recommended:

  • Kim Kardashian Is Already Considering Using a Surrogate Again for Another Baby

    Kim Kardashian Is Already Considering Using a Surrogate Again for Another Baby

    Not only did he hold his baby girl after his wife did, but he's also been making his home as safe as possible for his children. The photoshoot comes days after she and spouse Kanye West respected their third youngster by means of surrogate.
    Murphy Brown revival starring Candice Bergen in the works

    Murphy Brown revival starring Candice Bergen in the works

    The new season will be 13-episodes long, shot in the traditional multi-cam format, and will take place in the current day. Bergen will also executive-produce the project, which only adds to the nostalgia factor of this announcement.
    Hugh Masekela, South African jazz legend, dies at age 78

    Hugh Masekela, South African jazz legend, dies at age 78

    Trumpet player and singer Hugh Masekela honed his distinctive Afro-jazz sound across a career that spanned more than six decades. The following year, he scored a number one hit with " Grazing in the Grass ", performed here much later at the 2010 World Cup.
  • Flooding in Paris: the water level continues to rise

    Flooding in Paris: the water level continues to rise

    The citizens of Paris were asked to evacuate their homes to higher grounds amid a flood alert in the French capital on Thursday. French authorities have been put on standby as the rain-swollen Seine River continues to engulf surrounding walkways.
    Philippine volcano raises fears of increased activity

    Philippine volcano raises fears of increased activity

    Turkeys search for food Wednesday as the Mount Mayon volcano continues to erupt in the Philippines' northeastern Albay province. Officials are anxious the eruption may last months, affecting the education, health, and livelihoods of people in its shadow.
    Deputy killed in Adams County; 1 suspect in custody

    Deputy killed in Adams County; 1 suspect in custody

    Shortly after their arrival, the sheriff's office account continues, deputies contacted a male who matched a suspect description. The deputies gave chase, and when they caught up with the suspect, he allegedly produced a handgun and opened fire.
  • With Monkey Success, Cloned Human Baby Is Closer

    With Monkey Success, Cloned Human Baby Is Closer

    That's pricey: each successfully-cloned macaque cost $50,000, but the price would be even higher in the U.S. , according to Ross. Leonard Zon, director of the stem cell program at Boston Children's Hospital said, "It's the first primate ever to be cloned".
    Meryl Streep Will Join the Cast of Big Little Lies Season 2

    Meryl Streep Will Join the Cast of Big Little Lies Season 2

    Another A-lister will be coming to the swanky beach town of Monterey, California when Big Little Lies season 2 returns to HBO . Meanwhile, Jean-Marc Vallée is passing the directing baton to Andrea Arnold , although Vallée will stay on as an exec producer.
    Swap for Sanchez complete

    Swap for Sanchez complete

    It has been widely reported that Sanchez will earn a pre-tax salary of £500,000 ($695,000, 567,000 euros) a week. They can always play together. "The golden destiny of Alexis ", said daily newspaper La Tercera.
  • WWE's Vince McMahon plans to start new pro football league again

    WWE's Vince McMahon plans to start new pro football league again

    The most famous handle belonged to McCallum's Las Vegas Outlaws teammate Rod Smart, who had "He Hate Me" etched on his uniform. Can't get enough professional football? The first player to scoop up the ball would win possession for his team.
    Total lunar eclipse to be visible all over Taiwan says weather bureau

    Total lunar eclipse to be visible all over Taiwan says weather bureau

    While covered with the Earth's shadow during the lunar eclipse, the moon reflects sunlight which makes the surface area burnt red. Mathematically speaking a super-blue-blood moon only happens about once in every 2,380 full moons, roughly once every 265 years.
    Kiwi dollar surges as US Treasury Secretary hints at new currency war

    Kiwi dollar surges as US Treasury Secretary hints at new currency war

    "Over the last few days we've seen the pound appreciate against the dollar quite rapidly, but it is stable against the euro ". Mnuchin meanwhile said Thursday that he had no particular worry about the dollar's value "in the short term".


Popular

Billions of Plastic Pieces are Infecting Coral Reefs with Diseases, Study Shows
Those stricken by plastic face an 89 per cent threat, while those free from synthetic pollution face a four per cent risk. Based on other studies, the researchers think there are a couple of ways the plastic could be causing disease.

Davos 2018: French president calls for powerful Europe in climate change appeal
The French President believes that European countries should coordinate their tax policies "because otherwise, talents will disappear".

Syphilitic mummy found under Swiss church is Boris Johnson relative
Newly discovered archives in 2017 led historians to suspect the mummy was of a well-established Basel family, the Bischoffs. A breakthrough came past year when newly discovered archives revealed the body had been previously uncovered in 1843.

Justice Department threatens subpoenas in showdown with sanctuary cities and states
Officials said the places have been previously warned they need to provide information about their policies to be receive grants. Many sanctuary policies limit local law enforcement from cooperating and communicating with federal immigration authorities.

SpaceX test fires Falcon Heavy ahead of launch
If successful the red sports auto will end up in a long, oval loop around the sun, travelling as far as the orbit of Mars. Now he admits that putting together the Falcon Heavy proved more daunting than he initially thought.

Burger King makes pro-net neutrality video
They could choose from The Slow MBPS (Making Burgers Per Second), Fast MBPS and the Hyperfast MBPS. Now another, uh, less expected brand has taken its own stand on the issue.

Elton John Bringing Farewell Tour To Bryce Jordan Center
The Rock and Roll Hall of Famer's "Farewell Yellow Brick Road" tour will play Raleigh's PNC Arena on March 12, 2019 . The spectacular logo jacket Elton wore at the piano today is a good indication of that.

Bangladesh delays repatriating Rohingya refugees hours before set to begin
Only refugees with identity documents, which most Rohingya lack, will be allowed back into Burma. An agreement between Bangladesh and Myanmar said their return home was to begin Tuesday.

US Takes Aim at Russia After Suspected Syrian Government Gas Attack
Tillerson , along with foreign ministers from France , Germany and Turkey, were among those who on Tuesday launched the International Partnership Against Impunity for Use of Chemical Weapons .

Cuomo Vows to keep Statue of Liberty Open, despite shut down
Governor Cuomo has volunteered to use state funds to keep the Statue of Liberty open during the federal government shutdown . Cuomo says the state will now pay for the duration of the shutdown , and the sites will be open every day.