Japanese exchange Coincheck Inc. revealed on Friday last week it lost 500 million tokens of NEM worth $400 million to hackers.

NEM, depending on a TechCrunch report, “is a distributed ledger platform primarily targeted at enabling payments along with other financial services” and it’s the 10th biggest cryptocurrency in accordance with total coin market cap.

Japan’s Financial Services Agency is investigating the incident, Bloomberg said.

Coincheck co-founder Yusuke Otsuka said within a press conference late Friday night: “We know when the funds were sent.”

Otsuka also said they’re hearing aid technology stolen funds but it may be possible to recoup them, but “it is something we’re also investigating with the moment.”

He also assured that they will be lifetime be sure that the safety on the assets with their customers, stopped all withdrawals and exchanging all tokens except Bitcoin, and halted deposits into NEM coins, right after the heist is discovered.

A cyber attack crippled Japanese exchange Coincheck Inc. which includes a recent heist amounting to $400 million. (Source)

46-billion yen refund

Coincheck’s management promised a 46-billion-yen ($422 million)?refund.

The recent heist at Coincheck is reportedly greater than the Mt. Gox cyberattack in 2014.?The incident also employs several hacks on cryptocurrency companies, the best which often was the hacking of Etherdelta a few weeks ago.

TechCrunch said the results of your hack suffered by Coincheck won’t be significant, considering the big range of cryptocurrencies in the market today plus the increased value of Bitcoin (BTC).

But the heist at Coincheck underscores potential risk of leaving tokens “inside an exchange rather than more reassured option like a personal wallet or hardware-based option,” TechCrunch added.

(Featured image via?DepositPhotos.)

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