Finance

Japan regulator warns of more cryptocurrency attacks

Japan regulator warns of more cryptocurrency attacks

Coincheck, one of the biggest exchanges in Japan, confirmed that it may have suffered the worst hack in cryptocurrency history when 500 million NEM tokens were stolen from its trading platform this morning. But Coincheck said that the method was not used to store NEM coins.

A Japanese cryptocurrency exchange announced the theft Friday of $400 million in digital currency.

At a press conference, operator Coincheck, based in Shibuya Ward, said the company temporarily restricted deposits, withdrawals, sales and purchases of NEM.

On its website, Coincheck said had suspended withdrawals of nearly all cryptocurrencies. The price of Bitcoin dropped by 6.41% and NEM's value dropped 18.74% in the past 24 hours, Ethereum World News reported.

Cryptocurrency exchanges, many of which operate with little to no regulation, have experienced a spate of outages and hacks amid the trading boom that propelled bitcoin and its peers to record highs past year.

Though Coincheck is a major company among virtual currency exchanges, its registration at the Financial Services Agency is still under review, meaning it is not yet registered as a certified virtual currency exchange.

The NEM coin tanked precipitously because of the theft, but it's already rebounding.




We sincerely apologize for the inconvenience this has caused everyone.

Officials say they are looking into what happened, and do not yet know when trading will resume.

In 2014, Tokyo-based Mt. Gox filed for bankruptcy in 2014 after it said it lost 750,000 of its users' bitcoins and 100,000 of the exchange's own worth a total of $450 million. While that may be peanuts compared to the 30 trillion yen or so once held by Bitcoin, the largest of any digital currency, NEM was popular with individual investors.

He wrote that he has an investment of more than ¥10 million (US$92,000) worth of bitcoin in Coincheck.

If you are among those affected by the heist, you can calculate your due amount using the following simple formula: compensation due = 88.549 yen * number of NEM you lost.

Coincheck's refusal to implement the protocol is the vulnerability the hackers most likely seized upon, according to Lon Wong.


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