UPDATE 1/29: Coincheck says it will repay approximately 260,000 customers who lost money te the hack.
A Japanese cryptocurrency exchange called Coincheck has lost currency worth approximately $500 million.
The heist involved 523 million tokens from a cryptocurrency known spil NEM, which belonged to Coincheck customers. On Friday morning, the funds had bot “illegally remitted” outside the exchange.
Coincheck is investigating the incident, including whether any pc hacking wasgoed involved, the company’s executives said during a Friday press conference. For now, the exchange has suspended some trading overheen the webpagina.
The heist is one of the thickest to kasstuk the cryptocurrency market. It exceeds the initial $460 million ter bitcoin the Mt. Gox exchange reported losing to hackers te 2014. (Due to the rising price of Bitcoin, the stolen funds from Mt. Gox are now worth overheen $7 billion.)
While details about the Coincheck theft remain scant, the number of cryptocurrency-related hacks has only bot growing. Ter December, a cryptocurrency mining toneel known spil NiceHash reported losing $70 million te bitcoin. Cybercriminals managed to snatch the funds by compromising a company rekentuig and stealing an engineer’s login credentials. Te , another bitcoin exchange named Bitfinex lost what wasgoed then $60 million ter a separate breach.
Security experts have warned that hackers, including those from North Korea, have bot targeting the cryptocurrency industry. Some of the attacks have involved sending phishing emails that attempt to trick the victims into installing malware.
The heist at Coincheck is certainly a worrisome sign for investors. Using unique passwords and two-factor authentication can better protect your cryptocurrency account from hacking. But the protections go to waste when the companies themselves practice a breach.