Hackers stole $400 million worth of crypto coins from Coincheck

Cryptocurrencies

The disappearance likely ranks among the biggest losses or thefts of investor assets since the advent of digital currencies with the launch of bitcoin in 2009. In contrast, leading USA exchange Coinbase says on its website that, or "cold" storage.

Over the next hour, all cryptocurrency trading was restricted with the exception of bitcoin.

We are now halting deposits, withdrawals, buying and selling of NEM. They have had to unfortunately suspended withdrawals of nearly all cryptocurrencies.The exchange has already reported the incident to the police and to Japan's Financial Services Agency.

It says the assets belonged to customers, and is considering compensation and other measures.

Speaking at a news conference, Coincheck President Koichiro Wada apologized for the incident, expressed his intent to consider reimbursing customers and revealed that the company has started an in-house debate over possibly receiving financial assistance. While others are arguing that "if this is true then the Coincheck should repay the user's funds as much as possible".

Coincheck said it isn't aware of how its service was compromised. Like Bitcoin, NEM is a cryptocurrency built on top of blockchain technology, but it uses a more environmentally friendly method to confirm transactions, according to its website. Enough to gain an understanding, not enough to change a life.

"I came here because I knew people were gathering and the media were also here". Coincheck said that around 523 million of the trade's NEM coins were sent to another record around 3 a.m. nearby time (1 p.m. Thursday), as indicated by a Google interpret of a Japanese transcript of the Friday public interview from Logmi.

There is also unconfirmed information that $600 million XEM has been withdrawn as well. It is reported that madia is starting to gather around Coincheck headquarters in Japan.

Earlier Mt.Gox was hacked in 2011 and 2014; it was so big that the exchange declared themselves as bankrupt.

But Coincheck is doing business in the meantime as a quasi-operator. As of January 17, there were 16 registered cryptocurrency exchanges in Japan, which has become a major player in the new field thanks to new legislation. A more widespread suspension on withdrawals of all cryptocurrencies and Japanese yen was issued roughly 30 minutes later.

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