![]() ![]() 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. 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. Coincheck said in a blog post that the hack "has caused immense distress to our customers, other exchanges, and people throughout the cryptocurrency industry." ![]()
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