January 27th, 2018 By Kazuaki Nagata
Echoing the Mt. Gox fiasco nearly four years ago, Tokyo-based cryptocurrency exchange Coincheck disclosed Friday it had been hacked and lost about ¥58 billion ($532 million) worth of its holdings, sending clients into a panic about the fate of their virtual assets.
If confirmed, the heist would surpass the ¥48 billion ($390 million) lost in the collapse of bitcoin exchange Mt. Gox in February 2014 and go down as the largest cryptocurrency theft since the advent of bitcoin.
Our own
“This is essentially every exchange’s worst nightmare. For over $500 million in tokens to be stolen directly from the exchange wallet is the last thing crypto traders want to hear. This just reiterates that while this new tech is still developing, there are huge security risks involved. Cryptocurrency owners should avoid storing large amounts of tokens in exchange wallets and should instead manage their own private keys.”
Full article.
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