Coincheck May Have Suffered The Worst Hack In Cryptocurrency History

27 January, 2018, 20:26 | Author: Salvatore Jensen
  • Coincheck May Have Suffered The Worst Hack In Cryptocurrency History

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.

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