$530 Million Lost in Cryptocurrency Exchange Hack

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$530 Million Lost in Cryptocurrency Exchange Hack

The reimbursement will stand at about ¥46.3 billion due to drops in the market price of NEM coins, which have been among the most popular digital currencies in the world.

The Coincheck heist adds to a long list of thefts at cryptocurrency exchanges and wallets, stretching back to the robbery of Tokyo-based Mt. Gox in 2014. Moreover, they have to only choose the most secured cryptocurrency exchange. Following the theft, it fell 11 percent over a 24-hour period. At the time of the disappearance, NEM was the 10th largest cryptocurrency according to market cap. This issued a huge concern for the policy makers in other countries to regulate the cryptocurrency exchanges.

This notice is to announce that a reparations policy towards the approximately 260,000 users affected by the recent illicit transfer of NEM from the cryptocurrency exchange platform Coincheck, run by Coincheck, Inc. That's still less than NEM's trading price now, but it is a start.

It may be more useful to think of them as assets, rather than digital cash.

The exchange also neglected to use multi-signature, a safeguard requiring multiple sign-offs before funds are moved. One alternative is to keep the assets in software wallets, which come in online, mobile and desktop varieties.

We can only hope that justice will be served to victims of the Coincheck hack. The watchdog is also considering an on-site inspection and is expected to inspect all cryptocurrency exchanges.

Despite the announcement, Japan's Financial Services Agency on Monday demanded assurances from the Tokyo-based company that operations would be tightened to reduce the risk of future security breaches.

Government regulation is a mixed blessing for cryptocurrencies.

Store virtual currency offline.

A Lesson From South Korea?

The currency exchange, however, said users will still be able to log-in and access their dashboards.

Liquidity requirements can be impacted significantly when whales, or large volume investors leave their tokens in exchange accounts. Also, the authorities are deciding whether any punishment should be levied on the exchange or not.

Large fluctuations in cryptocoin values mean that a hot wallet deposit that seemed nearly trivially modest a few months ago might by now be worth more than your vehicle...

The meteoric rise in the value of bitcoin and other cryptocurrencies over the past year or so appears to have intensified interest from thieves.

Bitcoin's transaction fees, which have been the subject of numerous reports recently, are coming down.

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