m3n4.net August 18, 2018

Coincheck To Refund All Customers Affected By 523m Nem Coin Hack

31 January 2018, 06:10 | Tara Lloyd

Coincheck To Refund 260000 Clients At ¥88.549 Per NEM Coin Stolen

Japanese crypto exchange Coincheck to refund $526 million after cyber heist

NEM is the tenth largest cryptocurrency by market value.

"It's worth 58bn yen based on the calculation at the rate when detected", he told reporters at the Tokyo Stock Exchange said Otsuka.

A major Japanese cryptocurrency exchange has pledged to reimburse the 260,000 users affected by the largest crypto theft in history, which occurred last Friday.

Following the late night press conference, it was announced that the Financial Services Agency of Japan was investigating the exchange as well as the missing funds. Nevertheless, it had "nothing to do with NEM but rather Coincheck's lack of strong security measures", she said in a series of tweets.

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After the news broke, Bloomberg reported losses for BTC, NEM, and XRP.

According to CoinMarketCap, NEM dropped to $0.78 from $1.01 on Friday but recovered today, hitting the $0.97 mark.

Coincheck said the hackers stole customer deposits of NEM, a less well known digital currency. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Smartereum or the writer to invest in cryptocurrencies or other ICOs.

Does The Hack Mean We Need More Regulation?

Most exchanges store data in "cold wallets" that are not connected to the internet.

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FSA officials pointed out the potential risk of terrorist groups using Coincheck's digital currencies to launder funds and said the company had to be more vigilant if it continued to handle such risky dealings.

Jeff McDonald, vice president of the NEM Foundation, said in a statement Sunday that it is reaching out to exchanges and exploring three different options, while not elaborating in what exactly these were.

While a blockchain can be secure, the exchanges that are crucial in increasing the amount of crypto trading, enabling bitcoin and other such currencies go mainstream, do not use the same technology, says Simon Choi, a director at anti-virus software company Hauri Inc.

What lessons can exchanges learn from this occurrence?

Only once investors are able to choose the right exchange, it would be completely safe for them to invest in cryptocurrencies.

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The watchdog said it will continue to raise awareness following the cyberheist, which has jolted the nation's cryptocurrency market, and that it has asked exchanges to review its security operations.

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