Cryptocurrency exchange loses $400 million worth of coins in massive NEM hack

The Japanese cryptocurrency exchange Coincheck was hit hard Friday.

A hacker managed to funnel out 500 million NEM coins, a value of more than $424 million USD, one of the exchange's co-founders said at a news conference in Tokyo Friday, according to Bloomberg. Japan’s Financial Services Agency is also investigating the theft.

SEE ALSO: Bye-bye, Bitcoin. It's all about bananacoins.

Coincheck announced in an updating blog post that it had stopped trading of NEM and other coins as it dealt with the hack. Only bitcoin services remained available on the exchange.

4/ The Coincheck hack had the potential to do mass destruction to the crypto industry. But NEM was transparent from the beginning+ worked with the community + Coincheck clients to ease FUD. This is how it's supposed to work. Transparency always. The hacker will not win. We will.

— Inside NEM (@Inside_NEM) January 26, 2018 Read more...

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