Two new cryptocurrency heists make off with over $400M worth of blockchange

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

The Japanese cryptocurrency exchange Coincheck has been robbed of around 500 million NEM tokens in one of the largest heists the space has ever seen.

As for the transaction period, it will take for the refund to be deposited in your Coincheck wallet, the company has not set any strict deadline. Mt. Gox declared bankrupcy in what became one of the largest crypto scandals that shook the market in 2013-2014. At around 3 a.m. Friday (local Japanese time), essentially all NEM, a type of virtual currency, held by the Tokyo-based exchange was illicitly transferred out of its digital storage.

Coincheck suspended deposits and withdrawals for all crypto-currencies except Bitcoin as it assessed its losses in NEM, a lesser-known coin.

Coincheck has about 6 percent of yen-bitcoin trading, ranking fourth by market share on CryptoCompare. Now there are 16 regulated cryptocurrency operations in Japan but Coincheck is not now a licensed platform.




The Financial Services Agency has required virtual exchanges to be registered since last October, to protect consumers.

In contrast, the Coincheck theft represents less than 0.25 percent of the aggregate value, meaning "the impact of the Mt. Gox hack was more than an order of magnitude greater on the crypto markets at the time", he said. If cryptocurrency exchanges do not ban together to require stringent operating principles and strict security protocols, government authorities will. Coincheck co-founder Yusuke Otsuka said, "We know where the funds were sent". Unlike Bitcoin, NEM is not mineable-all of the XEM was created at the start and distributed to investors. Other estimates peg the loss a bit lower at around $420 million, and some have it as high as $600 million.

The exchange has said it's considering compensating clients.

Finally, the hack of Nicehash, a bitcoin mining pool, in December 2017, was the most recent major theft of cryptocurrency before the Coincheck breach today. Wong told Cryptonews that NEM's technology was not responsible and that Coincheck did not implement NEM's multi-signature smart contract, "and that's why they could have been hacked".

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