1/8/2024 0 Comments Coincheck theft![]() NEM Foundation executives have stressed that the hack had nothing to do with the security of the XEM cryptocurrency itself and that the blame lies solely with Coincheck. However, the transaction is now believed to have been a security measure taken by Coincheck following the infiltration of its NEM wallet. A Ripple ledger monitor flagged a $110 million XRP transaction sent from Coincheck to an unknown wallet that currently holds more than $3 billion worth of XRP. This brought relief to many traders, as early reports made it appear as though the hacker had infiltrated multiple wallets. Source: The Coincheck Hacker Only Breached the Exchange’s NEM WalletĬoincheck executives said that the hack was isolated to Coincheck’s NEM wallet and that its other funds remain secure. Gox hack was larger as a percentage of the total cryptocurrency market cap at the time of the theft, but in purely fiscal terms, Coincheck now holds the infamous distinction of having been victim to the biggest cryptocurrency exchange hack in history.Īs 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. Gox thief made off with approximately 850,000 bitcoins, worth roughly $450 million at the time. Gox as the biggest 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. This Was the Largest Cryptocurrency Exchange Hack in History This story is continually developing, but here’s what we know so far. Tokyo-based cryptocurrency exchange Coincheck was hacked in what is believed to be the largest exchange theft ever carried out. Get six of our favorite Motherboard stories every day by signing up for our newsletter. Gox can be taken as any sort of lesson, then the story of the Coincheck theft-how it happened, and what its effects will be-is just beginning. In a separate incident in Canada this week, three armed men entered a cryptocurrency exchange’s offices and attempted to coerce employees to transfer funds. Coincheck has not released any information on stolen Ripple, however.Ĭoincheck spokespeople were not immediately available for comment.Įxchanges like Coincheck are prime targets for criminals in the cryptocurrency world, because they are a main access point for trading and often handle user funds or keep funds in reserve. Early on Friday morning on Twitter, Costin Raiu, head of Russian cybersecurity firm Kaspersky Lab’s global research and analysis team, called attention to a $110 million USD transfer of Ripple (another cryptocurrency) out of Coincheck. Rumors are swirling that NEM wasn’t the only cryptocurrency stolen from Coincheck. Several updates followed over the coming hours, culminating in all payments being halted on the Coincheck platform entirely. At the same time, Coincheck posted a short blog post announcing that NEM deposits were being suspended, before stopping all NEM trading an hour later. The theft was announced by Coincheck officials at the Tokyo Stock Exchange during a late-night press conference, Bloomberg reported early on Friday morning.
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