Daily Trends Now
Daily Trends Now

Tokyo-based Cryptocurrency exchange hacked

Tokyo-based Cryptocurrency exchange hacked

Cryptocurrencies took a dip after Japan-based digital exchange Coincheck suspended client deposits and withdrawals for virtual currencies except bitcoin, saying it had been hacked.

At 12:38 PM local time, the exchange halted all purchases of NEM, a token on a distributed blockchain of the same name. 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.

Following a huge virtual currency theft on Friday, Japan's Financial Services Agency has sent a rare notice asking all virtual currency exchange operators in the country to recheck the security of their systems.

Coincheck, Japan´s second largest cryptocurrency exchange, has suddenly stopped yen withdrawals, casting a pall over crypto markets. It was soon followed by another tweet announcing suspension of deposits, withdrawals, and trading activity in NEM and other crypto currencies except Bitcoin. It was the largest bitcoin exchange worldwide at the time.

The exchange is now investigating how many customers were impacted by the hack, and has said it is considering possible responses, including compensation for those whose NEM was taken.

One customer said, "I want to know what happened".

Coincheck has fallen victim to a hack attack that reportedly stole more than $400 million worth of cryptocurrencies. It operates exchanges between bitcoin/ethereum and fiat currencies in Japan. If cryptocurrency exchanges do not ban together to require stringent operating principles and strict security protocols, government authorities will.

It was also reported that Singapore based NEM Foundation was aiding in the tracking of the stolen funds but prospects were unclear if they would be able to recover any of the missing crypto. However, currently, the cost of these coins is around $420 million, as of writing. Coincheck doesn't call the heist a hack, it says that the coins were sent "illicitly" outside of the service.

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


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