Loss of $530 million in hack of Japan cryptocurrency exchange

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Loss of $530 million in hack of Japan cryptocurrency exchange
Loss of $530 million in hack of Japan cryptocurrency exchange

Loss of $530 million in hack of Japan cryptocurrency exchange

A Japanese exchange has lost 58 billion yen ($530 million) in cryptocurrency because of hacking, according to Japanese media reports.

The Coincheck exchange has said on its website Friday that it had halted sales and withdrawals of the currency, which is called NEM.

It later added that it had restricted dealings in most other cryptocurrencies too to reduce further problems.

At a Friday night news conference, Coincheck president Koichiro Wada bowed and apologized for the loss.

He said the company may seek financial assistance.

Japanese TV footage showed a small group of customers standing outside the company’s Tokyo head office Friday night.

The reported loss tops the 48 billion yen that Mt Gox, a Japan-based Bitcoin exchange, lost in 2014 and its very much low compared to this 530 million dollar loss.

Coincheck, which calls itself the leading Bitcoin and cryptocurrency exchange in Asia, said it detected the unauthorized access to its system about 3 am Friday.

This again proved that we need to be very much alert and stay updated with all security and reduce loss.

Loss of $530 million in hack of Japan cryptocurrency exchange
Loss of $530 million in hack of Japan cryptocurrency exchange

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