$500 Million Goes Missing From Japanese Crypto Exchange Coincheck

$500 Million Goes Missing From Japanese Crypto Exchange Coincheck

Through means currently unknown, approximately 500 million NEM tokens were exfiltrated from leading Japanese cryptocurrency exchange Coincheck, valued at approximately $500 million. Bloomberg reports that, aside from Bitcoin, all trading on the platform has been suspended.

Image: Coincheck

To give a sense of scale, all the money lost or stolen in initial coin offerings is estimated to be worth around $500 million. When the Mt Gox exchange collapsed in early 2014, nearly cratering Bitcoin along with it, the value of the 750,000 stolen bitcoins was in excess of $US425 million at the time Mt Gox cratered. (Today, those same coins are worth more than $10 billion.) Although there’s considerably more money wrapped up the crypto space than four years ago, Coincheck’s disappearing NEM act still ranks among the worst breaches.

Japan’s Financial Services Agency is continuing to investigate the situation.


The Cheapest NBN 50 Plans

It’s the most popular NBN speed in Australia for a reason. Here are the cheapest plans available.

At Gizmodo, we independently select and write about stuff we love and think you'll like too. We have affiliate and advertising partnerships, which means we may collect a share of sales or other compensation from the links on this page. BTW – prices are accurate and items in stock at the time of posting.