$500 Million Worth of Cryptocurrency Stolen From Japanese Exchange

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Locke2005 shares a report from CNBC: Hackers stole several hundred million dollars’ worth of a lesser-known cryptocurrency from a major Japanese exchange Friday. Coincheck said that around 523 million of the exchange’s NEM coins were sent to another account around 3 a.m. local time (1 p.m. ET Thursday), according to a Google translate of a Japanese transcript of the Friday press conference from Logmi. The exchange has about 6 percent of yen-bitcoin trading, ranking fourth by market share on CryptoCompare. The stolen NEM coins were worth about 58 billion yen at the time of detection, or roughly $534.8 million, according to the exchange. Coincheck subsequently restricted withdrawals of all currencies, including yen, and trading of cryptocurrencies other than bitcoin. Locke2005 adds, “That, my friends, is the prime reason why speculating in cryptocurrency is a bad idea!” Read more of this story at Slashdot.

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$500 Million Worth of Cryptocurrency Stolen From Japanese Exchange

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