Cryptos slip as Coincheck halts withdrawals

Dianna Christensen
January 28, 2018

A Japanese exchange has lost 58 billion yen ($530 million) in cryptocurrency because of hacking, according to Japanese media reports. Coincheck to suspend all withdrawals of NEM, as well as sales and purchases. The estimated value of coins stolen is $400 million, an amount that is larger than the value of tokens lost in the Mt. Gox crash, which also occurred in Japan. Hackers reportedly stole NEM tokens, which is a recently launched digital currency that has already reportedly been ranked the 10 digital currency in the world. NEM, the tenth largest cryptocurrency based on total coin market cap, is a distributed ledger platform primarily aimed at enabling payments and other financial services. "Deposits made to your account will not be reflected in your balance, and we advise all users to refrain from making deposits until the restriction has been lifted". Bitcoin dropped 4 per cent and Ripple retreated 8.3 per cent in that period, according to prices available on Bloomberg. The Coincheck hack has brought up memories of the infamous Mt. Gox hack that saw hundreds of millions of dollars in Bitcoin stolen and led to the collapse of the Japan based Bitcoin exchange. Trading has also been halted for all cryptocurrencies, expect bitcoin.

Company officials were still looking into the cause and the ramifications of the virtual heist.

Billionaire investor George Soros, known for his legendarily successful currency trading, has dismissed bitcoin as a "typical bubble".

"Currently, buying and selling other than BTC (ortho coin) is temporarily suspended". As a result, Coincheck restricted withdrawals of all currencies, including Yen, and trading of cryptocurrencies excluding Bitcoin.

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Coincheck had applied with the agency for a license as an exchange and was able to continue operating under the FSA's rules while awaiting a decision.

UPD: There is still no clear information whether this was a hack or a planned action.

A 30-year-old man from Suginami Ward, Tokyo, who has spent ¥850,000 on the virtual currency Ripple, angrily said, "I came to ask whether my money [the withdrawal of which has been suspended] will be returned".

Other reports by GlobalViralNews

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