"Japanese Cryptocurrency Exchange Hacked, $530 Million NEM Missing According to major Japanese cryptocurrency exchange CoinCheck executives, more than $530 million worth of NEM has been stolen from the trading platform. ...CoinCheck executives admitted that all funds stored in its hot wallet were stolen by an unknown group of hackers Unlike cold wallets, which are secure and kept offline, hot wallets can be accessed if servers are breached by hackers. As such, the majority of large-scale cryptocurrency exchange in the industry only store a small portion of funds in hot wallets and the rest in cold wallets, securely kept offline and out of reach from hackers. 'It was hard for us to manage cold wallet,' the CoinCheck team said..." https://www.ccn.com/official-japanese-cryptocurrency-exchange-hacked-530-million-nem-missing/ NB: "NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. Written in Java, with a C++ version in the works, NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system..." https://en.wikipedia.org/wiki/NEM_(cryptocurrency)
"Coincheck Theft: "The Biggest Theft in the History of the World" https://cryptonews.com/news/coincheck-hacked-more-than-500-million-xem-stolen-1093.htm
Yeah, protecting half a billion worth of currency could be too much trouble. So, just leave it out in the open...
Damn. Most people would feel pretty smart if they just understood how crypto currency works so makes me wonder what kind of brains does it take to be able to hack one to the tune of 400 mil?
"NEM experts "tagged" missing cryptocurrency to help track culprit A Singapore-based foundation that promotes NEM blockchain technology said Tuesday that its team of experts "tagged" the cryptocurrency from accounts affected by last week's alleged hacking at Japanese virtual exchange Coincheck, in an attempt to track down the missing funds... Within 24 to 48 hours, the NEM team had developed a solution by tagging the stolen cryptocurrency as tainted funds, making them easy to verify if withdrawn from or deposited to regulated trading platforms...." https://english.kyodonews.net/news/...ing-cryptocurrency-to-help-track-culprit.html "Coincheck hackers trying to move stolen cryptocurrency Hackers who stole around $530 million worth of cryptocurrency from the Coincheck exchange last week, one of the biggest such heists ever, are trying to move the stolen "XEM" coins, the foundation behind the digital currency said on Tuesday. NEM Foundation, creators of the XEM cryptocurrency, have traced the stolen coins to an unidentified account, and the account owner had begun trying to move the coins onto six exchanges where they could then be sold..." http://www.asahi.com/ajw/articles/AJ201801310014.html
Coincheck Will Start Compensating 260,000 Victims of $500M Cryptocurrency Heist https://www.insurancejournal.com/news/international/2018/03/09/482824.htm
2 Arrested in Japan for Obtaining Crypto Linked to Coincheck’s $530 Million Hack March 11, 2020 https://www.coindesk.com/2-arrested...-crypto-linked-to-coinchecks-530-million-hack
Prosecutors Charge Two Men over Coincheck Hack, But Not For Hacking April 2, 2020 https://cryptonews.com/news/prosecutors-charge-two-men-over-coincheck-hack-but-not-for-h-6192.htm
