Coincheck Crypto Exchange Loses $400 Million in Largest Ever Hack
Coincheck, which is a famous Crypto Exchange company in Japan, recently bears a great loss of $400-500 Million to hackers in what appears to be a second Mt. Gox in the making. However, despite the loss trading at the exchange continues in Bitcoin.
The Tokyo-based Cryptocurrency exchange got the prominence in all around the media and is in the headlines due to a recent hack.
According to the media, cyber attack by hackers caused it a loss of around $534 million value of NEM tokens.
On January 25th, 10:57pm (Pakistan Time) cyber attack was carried out by hackers; the hackers stayed secretly working for eight hours constantly and then they achieved their mission of hacking approximately 523 million tokens from company’s “hot wallet.”
Estimation of real amount of loss
Stating the exact amount of loss wouldn’t be easier as to the matter of fact worth of Cryptocurrency is very unstable. It’s just like roller coaster which goes up and in a blink of eye it goes down. However, according to experts, the least amount of loss that can be reported is around $400 million.
Being a crypto-savvy or if you’ve been following Cryptocurrency markets from the early times of Bitcoin, you’ll most likely know what Mt. Gox has been through.
Back in 2014, the Shibuya-based bitcoin exchange was also jerked with an online Cryptocurrency theft, which turned out in a loss of about $400-$480 million.
Now, if we do a comparison of both online thefts then we’ll come to know that the noticeable difference in both the cases is that even with having similar loss amounts, Mt. Gox had a much bigger impact on the crypto-exchange market as it was handling around 80% of Bitcoin at that time.
It is pertinenet to mention here, till date the loss hasn’t been fulfilled even after Japan’s Bitcoin exchange regulations.
What is good news for customers?
Due to the recent hack, a total of 260,000 users have been affected and good news is that Coincheck aims at repaying the loss by its own means.
Currently, Coincheck isn’t hesitating from serving the customers however trading and withdrawal for all crypto currencies other than Bitcoin has been suspended for the time being.