A Hacker Stole Almost Half a BILLION Dollars from Coincheck Cryptocurrency Exchange

A Tokyo-based cryptocurrency exchange named as Coincheck has suffered from the biggest Cryptocurrencies hack in the history , In this massive hacking attack Coincheck lost $532 million in digital possessions (nearly $112 in Ripples and $420 million in NEM tokens ).

In 2014, Mt Gox , one of the biggest bitcoin exchange in those days, filed for individual bankruptcy after admitting it acquired lost $450 million worth of Bitcoins.

Seemingly, the cryptocurrency markets reacted negatively to the news, which led to 5% drop in Bitcoin price early on this morning.

In a blog post published today, the Coincheck exchange's technical expert's without describing the way the tokens were stolen they stop most of its services, including deposits, withdrawals and trade of all cryptocurrencies, except Bitcoin.

Coincheck also said the exchange possessed even stopped deposit into NEM cryptocurrencies, which resulted in 16.5% drop in NEM gold coin value, and also stopped other deposit methods like credit cards.

During a late-night press conference at the Tokyo Stock Exchange, Coincheck Inc. co-founder Yusuke Otsuka also said that over 500 million NEM tokens (the price around $420 million) were taken from Coincheck's digital wallets on Friday, but the company didn't understand how the tokens were stolen from companies digital wallet.

The digital-token exchange has recently reported to Japan's Financial Services Agency to investigate the reason for the stolen tokens from Companies digit wallet .

"We will
report on the destruction situation and reason behind the case, but first we would like to take every possible strategy to safeguard our customers," said Executives of the Financial Services Firm.

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So far, the exchange has not provided any public statement regarding the reason behind this hack. I am updating you related to this incident. So Stay tuned.

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