Coincheck Promises to Repay 90% of Stolen Crypto-Coins
31 January, 2018, 06:10 | Author: Dustin Murphy
Japan yesterday imposed administrative measures on virtual currency exchange Coincheck after hackers stole hundreds of millions of United States dollars in digital assets from the Tokyo-based firm in one of the biggest heists ever. From our last news about the attack, the theft pointed out some vulnerabilities in trading an asset that global authorities are trying to get hold of. Pre-existing operators such as Coincheck have been allowed to continue offering services while awaiting approval.
Cryptocoins can be stored in what's called a hot wallet, meaning that the cryptographic secrets needed to spend them are trusted to an exchange like Coincheck, making those coins easier to use, or a cold wallet, where you keep the coins offline.
NEM coin's value has dropped to $0.78 from $1.01 on Friday.
Coincheck's CEO Yusuke Otsuka told the Tokyo Stock Exchange that it's possible to trace where the NEM was sent after it was illegally accessed. The Singapore-based group said hackers had not transferred the funds to an exchange or personal accounts.
The hacking at Coincheck, which bills itself on its website as "the leading bitcoin and cryptocurrency exchange in Asia", came to light over the weekend.
On Saturday, Coincheck announced it will issue a full refund to the 260,000 users that were affected by the NEM hack. This works out to roughly $400 million in cryptocurrency from $3.7 billion in funding between 2015 and 2017. The weighted average price was derived using prices during the period beginning with the suspension of new purchases and sales of NEM on the Coincheck platform and ending with the release of this notice.
"It's been long said that cryptocurrencies are a solid system but cryptocurrency exchanges are not". Also, it should be noted the broad cryptocurrency market reacted in a tranquil manner and range trading has been prevalent in the short term. Nevertheless, it had "nothing to do with NEM but rather Coincheck's lack of strong security measures", she said in a series of tweets. "We believe there's so much more potential for our solution, but we have to be respectful to our end users". "If security on the exchanges' is not secure, their currencies can be stolen", Choi said.
The U.S. Treasury described cryptocurrencies as an "evolving threat" this month and said it's examining dealers to make sure they aren't being used to finance illegal activities. Because transactions for Bitcoin and the like are all public, it's easy to see where the NEM coins are - even though they're stolen.
When it comes to cryptocurrency, let the buyer beware and be aware, says TechRepublic's Brandon Vigliarolo.
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