$530 million lost in hack of Japan cryptocurrency exchange

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It was the biggest cryptocurrency heist in the world, exceeding the one in 2014 when hackers stole about 47 billion yen of virtual money from Japanese bitcoin exchange Mt. Gox, causing it to collapse.

Coincheck reportedly said that it is aware of the address where the stolen NEM tokens are now being stored by hackers.

It is hard to ascertain the impact of the loss of Coincheck's trading volumes on the overall cryptocurrency ecosystem. Founded in 2012, Coincheck is well known in Japan, and according to data from Coinhills, accounted for more than 11 percent of global bitcoin trading in the past 24 hours.

At a Friday night news conference, Coincheck President Koichiro Wada bowed and apologized. Other cryptocurrencies including Bitcoin, Ether and Litecoin also gained.

NEM is a virtual currency launched in March 2015.

What happened? Apparently, the largest crypto theft in the history of crypto thefts.

"We are trying to help them".

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

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Otsuka said it is unclear when the exchange will be able to resume transactions.

In April 2017, the Financial Services Agency introduced a registration system for cryptocurrency exchange operators mainly to protect customers.

Coincheck said it isn't aware of how its service was compromised. "They were very relaxed with their security measures", Wong said.

The NEM team was reported to have said that it will not pursue a hard fork in order to restore the stolen funds, but that it is planning on "tagging" the affected tokens, presumably in a bid to make them harder for the thief or thieves to unload. After factoring in the decline, the value of crypto currency lost is around $400 million. Enough to gain an understanding, not enough to change a life. Coincheck later confirmed the losses and held a press conference to provide more details.

"I came here because I knew people were gathering and the media were also here. I will get into trouble if it emerges my assets have been stolen". Rumors circulated that one billion XRP may be at risk as well as USD600 million of XEM.

In its letter, the FSA warned that more large-scale cyberattacks could be mounted against cryptocurrency exchanges.

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