Hackers Stole $400 Million From Cryptocurrency Exchange Coincheck
Hackers Stole $400 Million From Cryptocurrency Exchange Coincheck

A Japanese cryptocurrency exchange has claimed it lost more than $400 million in tokens following an alleged hack on its service. The reports from Bloomberg says that almost 500 million NEM tokens have been sent from the company known as “illicitly” and that it’s not sure how.

Hackers Stole $400 Million From Cryptocurrency Exchange Coincheck

Cryptocurrencies are getting more valued each day. Now, a Japanese cryptocurrency exchange has claimed it lost more than $400 million in tokens following an alleged hack on its service. Japanese cryptocurrency exchange Coincheck said it has restricted deposits and withdrawals for NEM cryptocurrency.

The reports from Bloomberg says that almost 500 million NEM tokens have been sent from the company known as “illicitly” and that it’s not sure how. After the incidence, the company has suspended most trading and withdrawals from its exchange. Right now the company is working to find out the trace where the missing currency ended up.

The exchange said that they were planning to consider compensating those who lost money in a tweet. Well, for those who don’t know about NEM, it’s a digital currency like Ehereum, Litecoin, and Bitcoin and it’s right now the eight largest cryptocurrencies in volume.

According to the reports from The Verge, the recent heist seems to be larger than the Mt. Gox hack in 2014, in which thieves made off with $400 million in bitcoin.

So, what do you think about this? Share your views in the comment box below.



AUTHOR

Manpreet Singh is young Entrepreneur who is managing Tech Viral & Also an aspiring blogger and Chief Editor for Tech Viral. He is an Experienced Blogger, SEO Expert, Digital Marketer, Certified Web Developer & Social Media Expert.