Japanese Exchange Loses Record $530 Million in Cryptocurrency

NEM Price Drops below $0.8 due to Sudden 17% Decline					            JP Buntinx

In this way, the massive Coincheck theft is superficially reminiscent of the infamous Mt. Gox hack of 2014, but differs in key ways that underscore how far the industry has come.

CoinCheck believes the theft occurred Friday around 3am local time when someone was able to access its systems and transfer ownership of 500 million NEM cryptocurrency units.

Coincheck, the operator of NEM, said it has temporarily restricted the deposit, withdrawal, sales and purchase of NEM as well as withdrawal of other cryptocurrencies and Japanese yen.

The Coincheck hack marks the largest single loss of cryptocurrency due to theft, fraud, or technical error. "We are advising our customers to avoid making deposits until the restriction on NEM has been lifted".

Bitcoin on Friday dropped 3.4 percent and Ripple retreated 9.9 percent, according to prices available on Bloomberg.

Coincheck is preparing to file a claim with the Financial Services Agency and the Tokyo Metropolitan Police while conducting an investigation into the cause of the hack and where the virtual currency went. The price of the cryptocurrency was up more than 30% over the last twenty-four hours, trading at $1.11 a coin at last check.




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.

Meanwhile, the SEC this week also said it was "looking closely" at disclosures of public companies that have shifted their focus abruptly to blockchain, the record-keeping technology that underpins Bitcoin transactions.

"Currently, buying and selling other than BTC (ortho coin) is temporarily suspended".

Adding to the chain of events were unsubstantiated reports of upwards of $600 million of NEM leaving the exchange, per a report on CoinTelegraph. "We sincerely apologize for these inconveniences and will continue to do our best to be back to normal operations as soon as possible", Coincheck wrote in its most recent update on the situation. Coincheck didn't use them, and that's why they could have been hacked.

He had invested around 800,000 yen in the Ripple currency through Coincheck.

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