Coincheck Cryptocurrency Exchange Hacked & Stolen More than $500 Million Worth Currency -World’s Biggest Cryptocurrency Hack Ever

Tokyo-based Coincheck Cryptocurrency Exchange Hacked and stolen more than $500 Million Worth NEM cryptocurrency by unknown hackers and it could be one of the Biggest hacking in the Cryptocurrency history.

Coincheck Announced that they are going to refund 523 million NEM for approximately 260,000 holders in a coincheck wallet in Japanese yen and it will be processing through Coindesk’s own fund.

Coincheck is one of the major Cryptocurrency exchange platforms in Japan and the exchange had over $160 million transactions per month.

Due to this major cyber attack, Coin check has been halted all the operations so Deposits made to make to customer accounts will not be reflected to customer balance.

Also Read: More than 30 million people have been Affected with Biggest Cryptocurrency Mining Attack

Coincheck Restricted all withdrawals from the platform and currently halting sales and purchases of NEM Cryptocurrency, Bitcoin. NEM is now 10th Largest cryptocurrency with a market capitalization of $7.6Billion.

Coincheck said in the press conference that it held the NEM coins in a “hot” wallet, referring to a method of storage that is linked to the internet

Experts believe that Coincheck was not using multi-signature and aditional level security in cryptocurrency transactions.

But Coincheck investigating this attack about how it was compromised and how many customers were exactly affected.

A Press conference that atttend by Coincheck CEO  said, “We are deeply sorry for troubling people with this issue , we will soon resume all the operation but  it is unclear when the exchange will be able to resume transactions.

Also he said, the company didn’t know how the 500 million tokens went missing, and the firm is working to ensure the safety of all client assets.’

NEM Foundation vice president Jeff McDonald said, “We are trying to help them. We are tracking the funds that have been taken,” 

Currently, investigation of cause is a top priority. As soon as the cause is known, we will take measures to prevent recurrence as soon as possible. Coincheck said.