Tokyo-based Cryptocurrency exchange hacked

A man walks past a poster that informs customers that bitcoin can be used in this shop in Tokyo. Bitcoin is recognised as legal tender in the world's third-biggest economy. prices of Cryptocurrencies slumped on Friday after one of Japan’s biggest Bitcoi

The stolen NEM coins were worth around 58 billion yen at the season of identification, or generally $534.8 million, as indicated by the trade. Bitcoin recouped its losses and by 11:14 a.m. ET was up 0.35% against the U.S. dollar at $11,193 a coin, according to Markets Insider data. It also announced that it had suspended trading for all cryptocurrencies apart from Bitcoin: "Currently we're suspending the buying and selling of altcoin except for BTC". However, currently, the cost of these coins is around $420 million, as of writing. We are sorry for your inconvenience, but we appreciate your understanding.

Regarding the fact that the NEM currencies had not been stored in a system that was cut off from outside networks, an official of the company said, "Though we have begun to take [protective measures], we were too late".

"We've seen several outages at various crypto exchanges recently, so the extent and seriousness of Coincheck's halt isn't yet clear".

At a Friday night news conference, Coincheck President Koichiro Wada bowed and apologized.




The company also revealed during its press conference that it was not registered with Japan's Financial Services Agency, according to specialist website Coindesk, but that added that it now plans to do so - although its survival must surely now be open to question.

"I would've thought that the whole crypto landscape would've been down quite a bit on this news of a major Japanese exchange getting hacked", said Michael Graham, senior equity analyst at Canaccord Genuity. In a recent tweet, Coincheck said that the investigation into the hack is now ongoing. The official blog updates kept the investors informed of the developments.

According to now available information, the hacker (s) stole only NEM tokens, a recently launched cryptocurrency, ranked the tenth digital currency in the world, based on market cap. The company provides two-factor authentication (2FA) and cold storage.

Another difference is that the Coincheck customers have some hope of being repaid, whereas most of the bitcoins stolen from Gox were never recovered and its users were not made whole.

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