[2018-01-27] ‘The Biggest Theft in History’ Bitcoin Exchange CoinCheck hacked

[ivanpoldark]

It’s official. Tokyo-based cryptocurrency exchange Coincheck was hacked in what is believed to be the largest exchange theft ever carried out. This story is continually developing, but here’s what we know so far.

This Was the Largest Cryptocurrency Exchange Hack in History

In a press conference, Coincheck executives confirmed that the hackers absconded with more than 500 million NEM, worth approximately $530 million at the time of the hack, although Nikkei Veritas tweeted from the conference that the exact amount of funds stolen will not be known until officials conduct a detailed investigation.

The Coincheck hack supplanted Mt. Gox as the biggest cryptocurrency exchange hack in history. The Mt. Gox thief made off with approximately 850,000 bitcoins, worth roughly $450 million at the time.

Granted, the Mt. Gox hack was larger as a percentage of the total cryptocurrency market cap at the time of the theft, but in pure fiscal terms Coincheck now holds the infamous distinction of having been victim to the biggest cryptocurrency exchange hack in history.

As of the time of writing, the hacker had moved 300,000 XEM tokens to another address, and both addresses had been flagged with a mosaic warning other exchanges to not accept the funds.

Read more: https://www.ccn.com/biggest-theft-history-know-far-530-million-coincheck-hack/

[1714782024]

1714782024

[1714782024]

1714782024

[iram1011]

CoinCheck has confirmed the hack. It indeed was the biggest hack in the crypto market in USD. But impact of this hack on the market is much smaller given that total market capitalization has increased and is at $550 billion. The hack amounts for 0.1% and thus didn't has much negative impact on the overall market leaving price of NEM and XEM that decreased substantially.

CoinCheck has also confirmed that they will be compensating the user and the hacker's account has been reported already.

[Qartersa]

It’s official. Tokyo-based cryptocurrency exchange Coincheck was hacked in what is believed to be the largest exchange theft ever carried out. This story is continually developing, but here’s what we know so far.

This Was the Largest Cryptocurrency Exchange Hack in History

In a press conference, Coincheck executives confirmed that the hackers absconded with more than 500 million NEM, worth approximately $530 million at the time of the hack, although Nikkei Veritas tweeted from the conference that the exact amount of funds stolen will not be known until officials conduct a detailed investigation.

The Coincheck hack supplanted Mt. Gox as the biggest cryptocurrency exchange hack in history. The Mt. Gox thief made off with approximately 850,000 bitcoins, worth roughly $450 million at the time.

Granted, the Mt. Gox hack was larger as a percentage of the total cryptocurrency market cap at the time of the theft, but in pure fiscal terms Coincheck now holds the infamous distinction of having been victim to the biggest cryptocurrency exchange hack in history.

As of the time of writing, the hacker had moved 300,000 XEM tokens to another address, and both addresses had been flagged with a mosaic warning other exchanges to not accept the funds.

Read more: https://www.ccn.com/biggest-theft-history-know-far-530-million-coincheck-hack/

True! I have read the same in this link: https://www.reuters.com/article/us-japan-cryptocurrency/tokyo-based-cryptocurrency-exchange-hacked-losing-530-million-nhk-idUSKBN1FF29C.

But the real question is, is it ever possible to catch the hacker given that cryptos are heavily encrypted? This is definitely not an issue to be snubbed because in it lies almost all the investments of people worldwide. I am especially disappointed with the fact that they would need to suspend withdrawals because of this. Aren't there any other ways to catch the hacker without depriving the lawful owners the free flow of their cryptos? This, to me, appears to be unjust and oppressive. This just goes to show how we lack a good system when it comes to dealing with contingencies such as this.