Coincheck confirms the theft of $ 500 million of cryptocurrency nem

CoinCheck is the second most important money exchange in Japan. They have been hit by the biggest theft in cryptocurrency history so far. Since the company's managers have confirmed in a press conference the theft of $ 530 million in the New Economic Movement (NEM) token. This amount was taken from your client portfolio by a group of hackers.

CoinCheck Confirms Theft Of $ 500 Million From NEM Cryptocurrency

This amount was in a cold wallet, which are safer from possible attacks or theft than hot wallets. But, the company itself recognizes problems and failures in the management of the cold portfolio. Since things have been done wrong.

Theft of NEM cryptocurrency on CoinCheck

As a reason for this theft, operations with the cryptocurrency have been suspended by the company. At least that's what they announced on their own blog. NEM is the tenth cryptocurrency with the best market capitalization. Although for many it is an unknown name. Its main volume of operations is located in Japan. So it is not surprising that the robbery took place in the country.

As a consequence of this theft, the value of NEM has sometimes dropped to as much as 20%. The theft has already been reported to the Japan Financial Services Agency by CoinCheck. Several government agencies are expected to begin an investigation shortly. While the company looks for ways to be able to compensate its clients for the lost money. The only thing they have confirmed about it so far is that they are not going to run a hard fork.

This theft far exceeds that of Mt.Gox, a company that was stolen $ 350 million in Bitcoin. This undoubtedly helps to further speculate on security in the cryptocurrency market.

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