Hackers Stole $400 Million from Cryptocurrency Exchange

Hackers Stole $400 Million from Cryptocurrency Exchange

January 29, 2018
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Hackers have stolen $400 Million digital currency from Japan’s largest Cryptocurrency exchange. The news has been revealed by the Japanese company itself that a security breach has made it lose $400 million. Since then the Coincheck has restricted withdrawals, and deposits for the effected Cryptocurrency Company called NEM. During the hack 500 million NEM tokens were sent from the company, but where they have been sent? There is no clue yet regarding this matter.

Tracing the Hack

The company, however, is trying hard to trace where the missing digital currency has landed? For that particular reason, most of the trading and withdrawals have been suspended for a while. Whatever the case, the company is also planning to compensate all those people who have lost their money in the process. So, it’s a kind of relieving news for all those affected people.

What’s NEM?

For those who are not aware of the NEM coins yet. Well, it is a digital currency just like Bitcoin, Ethereum and Litecoin. NEM is the world’s eighth largest Cryptocurrency by volume. The hack that resulted in NEM to lose 500 million coins looks similar to the Mt Gox theft. However, NEM is still trying to figure out how their digital currency was hacked and where did it finally landed? Let’s see if that gets successfully traced or not, only time will tell.

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