Another Cryptocurrency Exchange Hit - Coincheck Confirms Theft Bigger Than Mt Gox

27 January, 2018, 20:28 | Author: Sheri Evans
  • Another Cryptocurrency Exchange Hit - Coincheck Confirms Theft Bigger Than Mt Gox

Tokyo-based Coincheck announced in a series of notices on its website that it had halted deposits, withdrawals, buying and selling of the digital currency NEM.

The company subsequently suspended withdrawals in all forms of digital currency as well as in yen.

NEM, or New Economy Movement, launched on March 31, 2015 with the currency symbol XEM. NEM, the tenth largest cryptocurrency based on total coin market cap, is a distributed ledger platform primarily aimed at enabling payments and other financial services.

Officials say they are looking into what happened, and do not yet know when trading will resume.

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"We're still examining how many of our customers are affected", he said, adding that the exchange was trying to find out whether the breach was from Japan or another country.

The ultimate cost of the attack will be tied to the trading value of NEM.

The exchange has said it's considering compensating clients.

Otsuka said Coincheck is considering compensating clients if it can not recover the tokens but declined to say whether Coincheck had enough cash to do so.

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"I heard security measures were in place through segregated management of customers' assets", the man said. For those unfamiliar, hot wallets and cold wallets are some of the ways that cryptocurrency is stored, in which the latter will see funds kept offline due to security reasons and to prevent hackers from accessing them.

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. Enough to gain an understanding, not enough to change a life. "I thought I might be able to get some information", said a 27-year-old man from Nerima Ward who requested anonymity.

Coincheck has alerted Tokyo police to the theft. Japan required cryptocurrency exchanges to be licensed after the collapse of Mt. Gox in 2014.

Over the next hour, all cryptocurrency trading was restricted with the exception of bitcoin. "I think that the fact that the crypto markets are sort of being resilient in the face of the potentially biggest hack on one of the crypto exchanges is pretty interesting".

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