#Coincheck hack timeline update#

“You would want to get that sh*t sold,” says Redditor u/Shniper. Others argue that it is not actually known if it was a hack yet, because the money has not left the wallet it was moved to. The implication of the case of MtGox may not be what the officials over at Coincheck want to hear right now, but their users are frozen in fear of the same scenario being reenacted.

“If we assume that this business management sloppiness was in order to expand profit, not only management but also shareholders shall be held responsible.” In purple – the account that the money was stolen from. While the blog post apologizes for the inconvenience, many have other, more sinister ideas: “Even if this is, the exchange needs to return investor’s funds as much as possible,” an article on Yahoo Japan argues. If the hack is confirmed, it will be even bigger than Mt Gox by USD 50m. Reactions vary from people calling this event “spreading FUD” (Fear, uncertainty and doubt, or a disinformation strategy) to those who are sure this event is just whales* moving money out of his wallet/exchange.” The public seems reluctant to consider this a hack, and with good reason: panicking, as we see from the price drop, can play heavy tricks on the market. (source: )Īn obvious answer to this sudden plunge would be panic selling – even though the President of the NEM.io Foundation told that the blame lies solely in Coincheck for not using their multi-signature smart contract. It eventually recovered to USD 0.78, where we are right now, but this is still a far cry from its last week average of USD 1.05. The coin dropped in price to USD 0.77 at 08:34 UTC today, not long after the news was published on Yahoo Japan. We sincerely apologize for these inconveniences and will continue to do our best to be back to normal operations as soon as possible.Īs of right now, the XEM coin’s price has fallen by 18.46% in the last 24 hours (and the fluctuations are almost impossible to follow, because of their erratic behavior), which is significantly higher than its previous fall of a measly 1% in the week between January 18 and January 25.

#Coincheck hack timeline update#

As of right now, sales and purchases of any cryptocurrency other than Bitcoin are restricted.įrom Coincheck’s official blog, the update says:Ĭurrently, credit card, Pay Easy, and convenience store payments are suspended. Watch the Coincheck 500m hack interview with Jeff McDonald, NEM Vice president.įollowing Friday’s news of Coincheck being hacked and more than 500 million XEM stolen, their blog is being updated to reflect on the current situation of one of Japan’s greatest cryptocurrency exchanges. Wong also said that it was one account that stole the tokens, and they will do what they can to track them down. “This is the biggest theft in the history of the world,” he added. They were very relaxed with their security measures,” Wong said.

Coincheck didn’t use them and that’s why they could have been hacked. Also, we would advise all exchanges to make use of our multi-signature smart contract which is among the best in the landscape. “As far as NEM is concerned, tech is intact. It has nothing to do with NEM – there is no issue with the tech, and according to them, the blame lies exclusively with Coincheck: USD 400 m) stolen, Lon Wong, President of the NEM.io Foundation, told .įirst appeared on cryptonews by Sead Fadilpašić & Stuart Garlick This morning, the Japanese crypto exchange platform Coincheck was hacked and had 526 million XEM (c.