Coincheck's Withdrawals Frozen as Wallet Loses Over $723 Million

A man walks past a poster that informs customers that bitcoin can be used in this shop in Tokyo. Bitcoin is recognised as legal tender in the world's third-biggest economy. prices of Cryptocurrencies slumped on Friday after one of Japan’s biggest Bitcoi

More to losing about 101,265,057 Ripple worth about $123.5 million unconfirmed reports indicate that the exchange can not trace about $600 million worthy of NEM.

A cryptocurrency exchange in Asia called Coincheck has announced that it was the victim of a massive hack that saw hundreds of millions of dollars worth of cryptocurrency stolen in what is the largest heist of its kind in history.

Japan-based digital exchange Coincheck suspended client deposits and withdrawals for virtual currencies except bitcoin, saying it had been hacked.

Other negative news to pin back the cryptomarkets going into the weekend was news from Japan's Coincheck exchange, which has had to freeze all withdrawals. Mt. Gox declared bankrupcy in what became one of the largest crypto scandals that shook the market in 2013-2014. The company has since halted withdrawals, deposits and trading of all currencies.

Finally, the hack of Nicehash, a bitcoin mining pool, in December 2017, was the most recent major theft of cryptocurrency before the Coincheck breach today. It's also been reported by CoinTelegraph that Coincheck didn't store its NEM in a more secure multi-signature wallet, opting instead for a simpler single-signature wallet setup.

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Coincheck Inc. said that NEM data was managed in such a way that an external connection could be established online. Cryptocurrency exchanges are prime targets for criminal activity right now, especially since bitcoin rose to exponential heights at the end of past year.

The news had a negative impact on the entire cryptocurrency market, but Ripple and NEM suffered the heaviest blows.

Another difference is that the Coincheck customers have some hope of being repaid, whereas most of the bitcoins stolen from Gox were never recovered and its users were not made whole.

Adding to the chain of events were unsubstantiated reports of upwards of $600 million of NEM leaving the exchange, per a report on CoinTelegraph.

NEM Foundation President Lon Wong said his organization is doing "everything we can to help". The other top 19 cryptocurrencies have seen their market totals drop into the red, trading between five and 13 percent lower.

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