The Biggest Heist in Crypto Just Happened

A Japanese cryptocurrency exchange recently underwent one of the largest cryptocurrency heists that has been recorded. The exchange known as Coincheck, has promised to try and partially return the 260,000 cryptocurrency users, their money. The company has yet to say how they will do it for when it will happen, leaving investors unsure of where their money currently is. The exchange Coincheck, which markets itself as the “leading bitcoin and cryptocurrency exchange in Asia,” stated over the weekend that they expect around $500 million in bitcoin was stolen.

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This is reportedly the largest cryptocurrency theft since around $400 million was stolen in the Mt. Gox hacking back in 2014. The hackers reportedly stole deposits of a coin known as NEM, which is less well known in the world of cryptocurrency, but still quite a heavily invested in coin. The exchange has stated that they will use cash from their own funds to pay out around $426 million in covering the losses from the hackers. This is around 20% less than the value of the virtual tokens that was stolen from the company. The exchange stated that the hack “has caused immense distress to our customers, other exchanges, and people throughout the cryptocurrency industry. We would like to offer our deepest and humblest apologies to all of those involved.”

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The price of the coin also plummeted by around 20% in value after the reports of this high amount of theft came in. Coincheck has not resounded however to any comments asking when the money will be returned to the investors or how they plan to actually pay them back. The hopes are high that these investors can begin to retrieve their money back in a timely fashion, getting the industry back to where it can be sustainable.

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