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Coincheck is Refunding Investors Who Lost their NEM (XEM) during Cyberheist
28 January 2018, 12:33 | Vickie Mathis
Cryptos fall as Coincheck halts withdrawals
The Japanese cryptocurrency exchange Coincheck has been robbed of around 500 millionNEM tokens in one of the largest heists the space has ever seen. In this way, the massive Coincheck theft is superficially reminiscent of the infamous Mt. Goxhack of 2014, but differs in key ways that underscore how far the industry has come. The Coincheck trade said on its site Friday that it had stopped deals and withdrawals of the money, which is called NEM.
NEM, the 10th-largest cryptocurrency by market value, fell 14 per cent to 81 USA cents in the 24 hours through 10:07am. Now there are 16 regulated cryptocurrency operations in Japan but Coincheck is not now a licensed platform. Lon Wong, the president of the NEM Foundation, was quoted by Sead Fadilpašić and Stuart Garlick of Cryptonews.com as saying, "This is the biggest theft in the history of the world". The exchange suspension remained at the time of writing, weighing on the market.
We sincerely apologize for the inconvenience this has caused everyone.
Meanwhile, the SEC this week also said it was "looking closely" at disclosures of public companies that have shifted their focus abruptly to blockchain, the record-keeping technology that underpins Bitcoin transactions. Japanese cryptocurrency exchange CoinCheck has confirmed that $530 million worth of cryptocurrency had been stolen from the platform. Coincheck, based in Tokyo, has reported the "illegal outflow of money" to the Japanese Financial Services Agency (FSA). Trading has also been halted for all cryptocurrencies, expect bitcoin. It operates exchanges between bitcoin/ethereum and fiat currencies in Japan.
Soon after the company began shutting down operations, $123 million worth Ripple coin was transferred to another wallet.
Coincheck - one of the largest cryptocurrency exchangse in Japan, announced on their blog that they have restricted all withdrawals from the platform, including JPY.
Experts say it is common for virtual currency exchanges to store currencies in systems that are shut off from outside networks to prevent outsiders from illegally accessing the systems. Coincheck is an online marketplace that enables its users to buy and sell cryptocurrency.
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