Coincheck Hacked: Stolen $530 Million Worth of NEM

The virtual exchange giant Coincheck, reported to the Financial Services Agency on Friday afternoon on suspicion of illegal exit of money in “NEM”, which is a type of virtual currency. Toshiba said it will suspend the withdrawal of all coins handled by the user, and the company began to investigate the cause.

The sales of 12 types of virtual currencies other than NEM are canceled. The outflow of funds can reach tens of billions of yen. Nikkei

On September 13, 2017, Coincheck was approved as a licensed “virtual currency exchange”, but suffered a loss of nearly 62 billion yen in a piracy attack today.

The Payment Amendment Act, signed by the Japanese Cabinet on April 1, 2017, went into effect and the legitimacy of virtual currency payment methods such as Bitcoin was recognized. Since then, all national exchanges in Japan must be authorized by the Ministry of Finance and the Financial Services Authority (FSA) to operate the virtual currency exchange business.

It is said that Coincheck is one of the main exchanges in Japan, established by Wada Akira and Otsuka Miro. In July 2017, it was reported that Coincheck bought 300 million XEM in the secondary market as a key reserve currency, increasing the concentration of the 500 best XEM accounts by 3.1 pts to 70.2%, so this time the 540 million stolen XEMs are not surprising.

In fact, news of black exchange was not uncommon. In December 2017, Youbit, a Korean commercial platform, announced bankruptcy as a result of a piracy attack, and its customers’ virtual currency assets may lose 25% of their value. In addition, Nice Hash, the largest mining platform in the world, was also hacked months ago.


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