Coincheck, one of the largest exchanges in Japan, was hacked

With the hacking of Coincheck, one of the largest stock exchanges in Japan, the crypto community experienced deja vu. Tokyo-based cryptocurrency exchange Coincheck suspended the withdrawals of all cryptocurrencies except Bitcoin, with a statement on its official Twitter today.. After the announcement, the top 10 cryptocurrencies lost value significantly. While Bitcoin fell by 5 percent, NEM fell by about 18 percent.

‘The biggest theft in the history of the world’

NEM Foundation’s President Lon Wong told cryptonews.com the Japanese He said that cryptocurrency exchange Coincheck had been hacked and that 526 million NEMs worth $400 million were stolen.. Wong also described this theft as “the biggest theft in the history of the world”.. In the statement made by the exchange, it was reported that the total value of the stolen NEM amount was 530 million dollars.. Finally, Wong stated that they recommended all exchanges to use NEM’s multi-signature smart contract, Coincheck did not use it, so they may have been hacked.

Cold wallet confession

Exchange officials, admitted that they do not use cold wallet in the official statement. Authorities used the phrase “It was difficult for us to manage the cold wallet” as the reason why the cold wallet was not used. became the target. This latest event brought cryptocurrency enthusiasts to Mt, a Japanese exchange a few years ago.. Gox, hundreds of thousands of Bitcoins were stolen.

Coincheck became Japan’s first licensed cryptocurrency exchange four months ago.