Coincheck Says It Lost Crypto Coins Valued at About $400 Million
- Coincheck says 500 million NEM coins were sent outside venue
- Japan’s Financial Services Agency is looking into situation
Japanese Crypto-Exchange Hacked for Almost $500M
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The disclosure that one of Japan’s biggest cryptocurrency exchanges lost about $400 million in NEM tokens is spooking investors in a country still wary of such venues four years after the collapse of Mt. Gox.
After hours of speculation Friday night, Coincheck Inc. said the coins were sent “illicitly” outside the venue. 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. Coincheck said earlier it had suspended all withdrawals, halted trading in all tokens except Bitcoin, and stopped deposits into NEM coins.