Cryptocurrency exchange Coincheck loses $400 million due to hackersBy Robin-Leigh Chetty 29 January 2018 | Categories: news
Despite fluctuating heavily in recent weeks, it still appears as if people cannot get enough of cryptocurrencies, with hackers also aiming to get in on the action. As far as targets go, Japanese cryptocurrency exchange Coincheck suffered a significant blow as hackers stole an estimated $400 million in a recent security breach.
According to Bloomberg, roughly 500 million worth of a cryptocurrency called NEM was taken, with the Coincheck illicitly sending it, but having no reasons as to why or how. As such, Coincheck has suspended all trading on the platform as it begins investigations, with the company also considering compensation for those customers that were affected.
This is not the first time vast amounts of cryptocurrency has been plundered, with The Verge noting that this figure matches that of the Mt Gox hack of 2014, in which $400 million in Bitcoin was stolen. That attack caused Mt Gox to shut down, but it's unclear if Coincheck will suffer the same fate.
With regulation the biggest issue surrounding cryptocurrencies at the moment, this hack makes an argument for why the implementation of certain standards and controls is necessary.
Most Read Articles
Have Your Say
What new tech or developments are you most anticipating this year?