Coincheck Suffers the Greatest Theft of Cryptocurrencies in History.
Coincheck, which is based in the Shibuya district, a popular area of Tokyo, is one of the largest cryptocurrency exchange houses in Japan and one of the largest in Asia. Founded by Koichiro Wada and Yusuke Otsuka, CoinCheck operates exchanges between bitcoin / ether and fiduciary currencies in Japan, transactions and bitcoin storage in some countries around the world. Which on January 26 was the victim of hackers who stole virtual assets stolen from their customers for a value of US $ 534 million NEM (NEM is one of the most popular cryptocurrency in Japan and is one of the main market valuation). A figure even higher than the aforementioned Mt. Gox scandal almost five years ago.
In this sense, the BBC correspondent in Beijing, Celia Hatton, considers that it is the largest digital currency theft in the world. At the moment Coincheck evaluates the number of affected customers and trying to establish if the hackers had acted from Japan or another country, suspending so far all withdrawals, payments with credit cards, Pay Easy (Japanese platform similar to PayPal with backup of banks and administrations) and physical stores.
In the same way, experts have assured that the Coinchech company is not registered as a virtual currency exchange operator with the Financial Services Agency, so it does not meet the compensation requirements in case of a collapse, so this company is looking for a way to recover the lost funds and compensate its customers in this way.
Noting that NEM used a cryptocurrency built on blockchain, with a method more respectful with the environment to confirm transactions, according to its website. In turn, it will assume the delivery of 88,549 yen for each of the 523 million units of NEM that were stolen. Currently this theft has caused the significant drop in the value of the Cryptocurrency NEM, in the same order of ideas, Costin Raiu, security expert of Kaspersky Lab, has commented that a suspicious transfer of Ripple has been detected by value of 110 million dollars, which shows that other crypto currencies could be affected.
Similarly, Lon Wong, president of the foundation NEM.io, stressed that the problem of hacking has been the lack of use of the company’s multiple signature intelligent contract, contract that its president recommends to use all users of the platform. We will see in the future how this theft affects trust in other cryptocurrencies.
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