Coincheck: World's biggest ever digital currency 'theft'
 

Coincheck: World's biggest ever digital currency 'theft' - BBC News

"One of Japan's largest digital currency exchanges says it has lost some $534m (£380m) worth of virtual money in a hacking attack on its network.

Coincheck suspended deposits and withdrawals for all crypto-currencies except Bitcoin as it assessed its losses in NEM, a lesser-known coin.

If the theft is confirmed, it will be the largest involving digital currency.

Another Tokyo exchange, MtGox, collapsed in 2014 after admitting that $400m had been stolen from its network.

The stolen Coincheck money was said to be kept in a "hot wallet" - a part of the exchange connected to the internet. That contrasts with a cold wallet, where funds are stored securely offline.

Coincheck says it has the digital address of where the money was sent and is going to do what it can to compensate investors."

Digital currency, now you see it now you don't :1orglaugh

the bit that got me the most in that article was mtgox finding a lost bitcoin wallet with 200,000 coins after their hack!

The easiest way to rob a bank is to own one.

I wonder what those 200,000 Bitcoins would be worth today? Oh $2,307,960,386.17

This story smells fishy....

It is such a weird thing to steal. How do you convert it to cash?

Always put your cryptos to your own wallet if you're not a day trader.

Coinbase?

100k a week and they don?t trade that cripto. So nope. Totally stupid to steal this as it probably half of this type of coin out there.

I know I'm learning about hot and cold wallets and whether an exchange is competent. XEM foundation is saying they advise coincheck they had to have security on this coin and coincheck ignored them.

@rogueteens - Funny, the analyst who discovered the missing/hidden coins went sailing out her Singapore apartment window after reporting her team's discovery to Bank of Japan.

The bank Mt Gox used was a Polish bank fronted by Russia and then there's this Polish bank regulator used as watering hole site for Polish banks