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Last year, the government officially recognized bitcoin as a form of currency and started licensing exchanges.īut because Coincheck was already in business before the new rules came into effect, it wasn't yet registered with authorities. China has tried to effectively ban trading in bitcoin. Some countries have taken a tough approach. Related: I bought $250 in bitcoin: Here's what I learned That situation has created difficult questions for national governments on how to regulate the industry. Many exchanges have grown very quickly as trading has taken off but haven't focused on improving cybersecurity, Arslanian said. In a separate incident last month, hackers made off with more than $70 million worth of bitcoin from NiceHash, a digital currency trading platform based in Slovenia. Last month, South Korean bitcoin exchange Youbit filed for bankruptcy after being targeted by cybercriminals twice in the space of a few months. The meteoric rise in the value of bitcoin and other cryptocurrencies over the past year or so appears to have intensified interest from thieves. Mt Gox went bankrupt shortly afterward and affected users still haven't been compensated. Mt Gox, also based in Japan, was the world's biggest cryptocurrency exchange when hackers broke in and stole an estimated $400 million worth of bitcoin almost four years ago. Related: Davos: Bitcoin is not a currency "Large scale hacks are among the biggest risks faced today by the global crypto community," said Henri Arslanian, a financial technology expert at consulting firm PwC in Hong Kong. Cybercriminals have been taking advantage of security weaknesses at young, often unregulated businesses that are handling huge sums of other people's money. The Coincheck hack is the latest in a series of attacks targeting digital currency exchanges. Financial authorities are supervising the company's response to the theft, he said. Jeff McDonald of the NEM foundation says he has tracked the coins down to an unidentified account and that the hacker is trying to sell them in smaller batches. Managers of Coincheck bowing in apology at a news conference following the exchange's loss of $530 million in cryptocurrency in a hack.Ī Japanese government spokesman said Monday that Coincheck would be asked to improve its business practices following the hack. The price of NEM plunged almost 20% after the theft came to light over the weekend, but it has since recovered those losses.Ĭoincheck didn't respond to repeated requests for comment on how exactly it will fund the customer refunds. It has currently suspended trading in all virtual currencies apart from bitcoin. "We would like to offer our deepest and humblest apologies to all of those involved," the exchange said. Japan's Financial Services Agency (FSA) on Monday ordered improvements to operations at Coincheck, which on Friday suspended trading in all cryptocurrencies except bitcoin.Coincheck said in a blog post that the hack "has caused immense distress to our customers, other exchanges, and people throughout the cryptocurrency industry." "I would assume that they are going to get away with some of the money," McDonald said. That would make the funds difficult or near impossible to trace. McDonald said that once the hackers had moved the coins to an exchange, they were likely to try to exchange them into another cryptocurrency before transferring the coins back into a traditional currency. ET, XEM was trading at 80.6 cents US per coin, according to trade website Coinmarketcap, with a total market value of around $7.26 billion US. XEM is the world's 10th biggest cryptocurrency. Gox, which once handled 80 per cent of the world's bitcoin trades, filed for bankruptcy after losing bitcoins worth around half a billion dollars - then the biggest ever such heist. More than 980,000 bitcoins have been stolen, and few have ever been recovered. There have been at least three dozen heists of cryptocurrency exchanges since 2011 many of the hacked exchanges later shut down. (Takuya Inaba/Kyodo News via Associated Press) Japanese media say the Coincheck exchange lost 58 billion yen ($530 million US) in cryptocurrency because of hacking. Coincheck president Koichiro Wada, left, answers a reporter's question during a news conference in Tokyo on Jan.
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