Published On: Wed, Jan 31st, 2018

Millions of Dollar Lost by Crypto Exchange, Japan’s Coincheck Hit by Hackers

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Coincheck

Widespread speculations had already been evoked when Mt.Gox, a Shibuya-based exchange dealing in cryptocurrencies was hacked and it caused the exchange nearly $500 million in the loss. The incidence took place in 2014 and since then, those who are actively participating in the trade of cryptocurrencies like, bitcoins were very curious about any such activity that might again hit the exchanges.

To their sheer surprise and utter bad luck, Coincheck a well know Tokyo-based exchange dealing in cryptocurrencies has been hit by hackers on January 25, the whole activity took 8 hours and the entities were not spotted rather camouflaged in the system. Since then, it’s in limelights with investors astounded by this activity. The theft has caused the loss of nearly $534 million NEM tokens to the Coincheck.

Coincheck

Cryptocurrencies do not possess a stationary value and it fluctuates over time in the market with various market operations in action. So, it is not plausible to ascertain the exact worth of loss. Although according to sources, $400million is the least figure to be reported against loss endured by Coincheck.

Earlier the Mt.Gox had substantially affected the market after theft incidence as it had the Bitcoin trading share of 80%. But despite the regulations in place the loss impact of Mt. Gox was not mitigated.

At the moment, Coinchech has halted all the trade of cryptocurrencies excluding Bitcoin and it has revealed its intention of setting off all the losses by its own mean, i.e. reimbursing lost amount to 260,000 users affected.

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