$400 Million Hack - Japanese Cryptocurrency Exchange Halts Withdrawals as Theft Rumors Mount

https://www.ccn.com/400-mil-hack-tokyo-based-crypto-exchange-halts-withdrawals-prices-sink/

Tokyo-based cryptocurrency exchange Coincheck has announced via Twitter that it has halted client withdrawals in all cryptocurrencies with the exception of bitcoin, evoking nightmares of Japan's Mt. Gox meltdown and sending the top 10 cryptocurrencies lower in the interim. Bitcoin was off about 5% even though it's not included in the suspension. NEM, deposits of which were similarly halted, was hit the hardest, down nearly 18%. Coincheck promises to provide a "detailed announcement."

Lon Wong, president of NEM.io Foundation, tweeted, "It's unfortunate that Coincheck got hacked. But we are doing everything we can to help." Reports suggest that 526 million NEM (XEM) ($400 million) was stolen in the alleged Coincheck hack. Wong told media outlets that it was a single account that siphoned the funds, adding that NEM is not forking and that its technology is "intact." He called it: "The biggest theft in the history of the world."


Comments


[15 Points] None:

Couple days old, did you also not get the part that the CEO said he's going to pay everyone back out of his own pockets?

That's the respectful part.


[10 Points] darkernet:

And unlike all the other hacked exchanges, they've vowed to return the money. That's the Japanese for you.

Now before this devolves into a Japanese bashing thread like it did over in the crypto subreddit (there are some people there who must really, really hate Japan in that subreddit), of course no country is perfect. Every country on this planet of ours has things it needs to work on, and challenges its facing. That doesn't mean we can't celebrate the good things that occur. In fact, we should celebrate them in order to raise the bar for everyone else. Doing the right thing should be praised and pointed out when it happens if only to encourage others to do the same when the time comes.

I mean, a discussion about Japan's birth rate has zero fucking relevance to the topic here, yet there's that and more in the cryptocurrency subreddt's post about this. Never mind the fact that Japan still gives birth to over a million babies per year (and are not remotely close to having a population issue), or how racist the country is (it's not racist at all, according to actual scientific studies. France is more racist than Japan. Maybe they're confusing Japan with South Korea, which is actually quite racist?), these Japan-haters will look for any reason to spew their propaganda.

The sad part is, Japan has its share of challenges, but instead of pointing those out, they spew lies that can be disproven by a quick 10 second google search...

Ninja Edit: Since we're on about myth busting; Ever hear of the myth that Japan's school textbook doesn't teach about it's war crimes? 100% fictional nonsense. Another study on asian textbooks (by Stanford University) found that Japan does indeed teach about Nanking, etc. They found that they were actually the most factual and least patriotic. even when compared to the U.S's. The myth began because a single private school wanted to use these right wing textbooks. It literally says that on the wikipedia page about the controversy. The Japan haters didn't care though, it was more ammo for them.


[8 Points] heisgone:

This news made me realize that very private crypto like Monero are arguably easier to steal as they are harder to monitor. Is it even possible to know the amount in an account without being able to withdraw from it with Monero?

I don’t know about the privacy of NEM, though.


[2 Points] jaspmf:

"biggest theft in the history of the world"

Yeah that puny $600 billion bank bailout was nothing


[2 Points] XanReflex:

Dayummmmm. 400 million. THAT'S a fucking lick.


[1 Points] texwitheffects:

That ain’t shit... the biggest theft in the world was when bitpetite disappeared. That was easily over a billion dollars.


[1 Points] hellfinger:

Coincheck promises 46bn yen refund

http://www.bbc.com/news/world-asia-42850194