Representatives of the Tokyo-based cryptocurrency exchange Coincheck confirmed in a press conference held today that they fell victim to an attack that resulted in the loss of approximately 500 million units of XEM tokens worth a total of over $500 million.
Representatives of the Tokyo-based cryptocurrency exchange Coincheck confirmed in a press conference held today that they fell victim to an attack that resulted in the loss of approximately 500 million units of XEM tokens worth a total of over $500 million.
Other sources even speak of the equivalent of $600 million in XEM and over $120 million in Ripple that were supposed to “disappear” from the exchange’s wallets.
The exact value of the stolen coins has not yet been determined, and the exchange is conducting an internal investigation. Coincheck has also suspended the ability to make withdrawals and deposits in all cryptocurrencies available on the platform, as well as in yen, for the time being. All trading on the platform, except for bitcoin, has also been suspended until further notice.
If the above figures are confirmed, it will be the largest attack on a cryptocurrency exchange to date since the memorable Mt.Gox hack in 2014.
Founded in 2012, Coincheck is one of Japan’s largest cryptocurrency exchanges. Despite this, the exchange still lacked the required registration with the Japanese Financial Services Agency.
Despite the scale of the theft, the exchange’s management declares its readiness to compensate its clients for their losses.
