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Japan cryptocurrency exchange lost $532 million to hackers

A Tokyo-based cryptocurrency exchange Coincheck has confessed that hackers had stolen several hundred million dollars worth of its holdings.

The company said that about ¥58 billion ($532 million) worth of its NEM coins was transferred to another account around 3 a.m. local time on January 27, 2018. This news has created a panic mode among the clients about their virtual assets.

Co-founder of the company Yusuke Otsuka said that they didn’t know how the 500 million tokens went missing, but the firm is investigating and trying hard to ensure the safety of all client assets.

“We know where the funds were sent,” Otsuka said during a press conference at the Tokyo Stock Exchange. “We are tracing them and if we’re able to continue tracking, it may be possible to recover them. But it is something we are investigating at the moment."

The firm had seen a significant downfall in the balance of its NEM virtual currency after the illegit transfer of funds incident.

“We are deeply sorry for troubling people with this issue,” Coincheck CEO Koichiro Wada. 
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