Japan regulator warns of more cryptocurrency attacks

Japan regulator warns of more cryptocurrency attacks

Japan regulator warns of more cryptocurrency attacks

"Depositing NEM on Coincheck is now being restricted".

At a news conference late Friday, the company said almost all of the NEM virtual currency held by its customers had been illicitly transferred out of the company's system at around 3 a.m. local time that day.

Co-founder Yusuke Otsuka said the company didn't know how the 500 million tokens went missing, and the firm is working to ensure the safety of all client assets.

Wada apologized for the suspension of services.

After the problem was revealed Friday night, customers gathered in front of company's headquarters to demand an explanation.

Coincheck has alerted Tokyo police to the theft. Cryptocurrency exchanges are prime targets for criminal activity right now, especially since bitcoin rose to exponential heights at the end of previous year.

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According to Coincheck, the company's outstanding balance in NEM was found to have decreased dramatically on the morning of January 26.

Since announcing the robbery, the exchange has suspended a range of services, including the deposit of NEM tokens to the platform; the withdrawal of any funds, including those denominated in yen; the sale and purchase of all cryptocurrencies with the exception of bitcoin; and certain credit card and convenience store payment services. The company has since halted withdrawals, deposits and trading of all currencies. Like Bitcoin, NEM is a cryptocurrency built on top of blockchain technology, but it uses a more environmentally friendly method to confirm transactions, according to its website.

Adding to the chain of events were unsubstantiated reports of upwards of $600 million of NEM leaving the exchange, per a report on CoinTelegraph.

NEM is the 10th-largest cryptocurrency by market value.

For Bitcoin investors, the good news was that Bitcoin was able to close out the week holding on to $11,000 levels, in spite of the Cboe's February contract ending the day down 2.83% to $10,980.

Not surprisingly, investors were anxious. His investment is now valued at about 500,000 yen. "They were very relaxed with their security measures", Wong said.

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