Friday, January 26, 2018

Massive E-Currency Theft

Concerned traders gathered outside Coincheck headquarters on Friday.

E-currency exchange Coincheck has confirmed that some 58 billion yen ($534 million) in customers' virtual currency holdings were taken from its wallets Friday, in what appears to be the biggest virtual currency heist to date, reports Nikkei.

At around 3 a.m. Friday, essentially all NEM -- a type of virtual currency -- held by the Tokyo-based exchange was illicitly transferred out of its digital coffers. Coincheck discovered the breach after 11 a.m., and soon halted withdrawals in all currencies.

Coincheck "deeply regrets" the incident, CEO Koichiro Wada told reporters Friday night.

Boy, it sure is great e-currencies don't face any third party trust problems! Delusion.



  1. Hmm... about 7% of all NEM outstanding...

  2. "Boy, it sure is great e-currencies don't face any third party trust problems! Delusion."

    I'm not sure this is a valid criticism. The security aspect designed into crypto-currencies is that their ownership and transactions are recorded immutably on a distributed ledger that is not subject to control or manipulation by any one party. That's very different from users deciding to trust a third party, like an exchange, to hold their crypto-currency for them. The latter is not a design feature of crypto-currencies but, rather, is user error (at least in this case).

    This criticism is like criticizing gold as a currency because thieves break into a storage facility and steal it.

    1. yeah, maybe, but its obvious the 'wallet' safeguards they claim still are not preventing the loss of their digits. IF this tracking feature is as they say then the culprits and their 'wallet' where the stolen tokens went should be a open an shut case.....which nobody seems to have claimed as yet. Also, this appears to be a Asian crypto so who knows what the software is doing. Blockchain is one thing, the software is another. STill, lets just bring back REAL money and get the governments out of the minting and legal tender BS to start.

    2. Funny libertards keep harping about "e-currencies". Only a completely techno illiterate noob uses this word. Tells you all you need to know about these libertards and their goldbugger fellow retards. You leave your gold coin in someone else's custody, you risk losing your gold coin. Simple enough concept for a 2nd grader, but too complicated for libertards because non aggression something something...

  3. 1. People who hold their money outside digital currencies face 3rd party trust problems. Last year 15 million Americans suffered identity theft.

    2. Coincheck has promised to reimburse customers who suffered a loss.