Massive hack hits cryptocurrency exchange with $400-million loss

Image: Getty Images/iStockphoto

The Japanese cryptocurrency exchange Coincheck was hit hard Friday.

A hacker managed to funnel out 500 million NEM coins, a value of more than $424 million USD, one of the exchange’s co-founders said at a news conference in Tokyo Friday, according to Bloomberg. Japan’s Financial Services Agency is also investigating the theft.

Coincheck announced in an updating blog post that it had stopped trading of NEM and other coins as it dealt with the hack. Only Bitcoin services remained available on the exchange.

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

The hack is one of the biggest ever, almost matching the $500 million loss from the Mt. Gox exchange in 2014. When 850,000 bitcoin was taken from that Japanese exchange, it marked the end for the leading digital wallet and the company has since declared bankruptcy. 

For Coincheck, it’s now a matter of keeping other crypto-assets safe as they investigate  what happened.

More From this publisher : HERE ; This post was curated using : TrendingTraffic


  • Discover why you NEVER need to do another exercise again to get the body you've always desired.
  • This blueprint provides a simple and easy guide to mass marketing persuasion techniques
  • Experience joyful and long-term weight loss without dieting or deprivation
  • The 7 proven methods to triple your fat burning using the new 7x5 protocol.
  • The number 1 Selling Fat Loss Solution For Women. Get Started today.
  • The stunning secret of turning your wife on with the push of a button.
  • Discovers an enzyme that eliminates hormonal related fat storage for men and women.
  • This solution webpage reveals how to stop the hair loss in a short time.
  • Don't understand why you aren't losing more body fat Want to find out why Click here.
  • Shows you step by step the keys to permanent weight loss.
  • Clickbank Ads

      Recommended Products