$400 Million Goes Missing From Japanese Crypto Exchange Coincheck

Image: Coincheck

Through means currently unknown, approximately 500 million NEM tokens were exfiltrated from leading Japanese cryptocurrency exchange Coincheck, valued at approximately $400 million. Bloomberg reports that, aside from Bitcoin, all trading on the platform has been suspended.

To give a sense of scale, all the money lost or stolen in initial coin offerings is estimated to be worth around $400 million. When the Mt. Gox exchange collapsed in early 2014, nearly cratering Bitcoin along with it, the value of the 750,000 stolen bitcoins was in excess of $424 million at the time Mt. Gox cratered. (Today, those same coins are worth more than $8.3 billion.) Although there’s considerably more money wrapped up the crypto space than four years ago, Coincheck’s disappearing NEM act still ranks among the worst breaches.

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Japan’s Financial Services Agency is continuing to investigate the situation.

[Bloomberg]

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Bryan Menegus

Senior reporter. Tech + labor /// bryan.menegus [at] gizmodo.com Keybase: keybase.io/bryangm Securedrop: http://gmg7jl25ony5g7ws.onion/

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