Tokyo, Jan 28: Hackers have stolen £380m worth of a lesser-known cryptocurrency from one among the largest digital exchanges of Japan. As a result, the exchange has suspended deposits and withdrawals for all cryptocurrencies except Bitcoin. Also Read - US Elections 2020: Donald Trump's Campaign Website Briefly Defaced As Hackers Had 'Enough of Fake News'
Tokyo-based bitcoin wallet Coincheck said that around 523 million of the exchange’s NEM coins were sent to another account. This happened on Friday morning at around 3 AM local time, it added. Also Read - International Flights: India, Japan Announce Air Bubble, Fly Directly From Delhi to Tokyo From Nov 2 | Details Here
Reportedly, the stolen assets were kept in a “hot wallet”, a digital storage option connected to the internet. Usually, the assets are kept offline in a “cold wallet”. Also Read - Machu Picchu in Peru Reopens After 8 Months, But Only For 1 Japanese Tourist. Know Why
The bitcoin wallet has claimed of having the digital address of where the stolen cryptocurrency was sent. It is not looking into the possibility of whether the assets can be recovered or not.
As reported by Japan’s Kyodo news agency, a representative of the exchange, who was not named, has said that Coincheck may not be able to refund the losses.
Meanwhile, the company is examining how many customers may have been affected by the theft.
Coincheck has reported the incident to the police and to Japan’s Financial Service Agency, reported Japanese broadcaster NHK.
Headquartered in Shibuya, Coincheck was founded by Yusuke Otsuka and Koichiro Wada in 2012.
If reports are to be believed, the incident is the largest case of cryptocurrency theft.
In a similar case, another exchange, MtGox, collapsed following a theft of $460m in 2014.