It is confirmed that CoinCheck, the second largest exchange in Japan, has confirmed that it has suffered the theft of 530 million dollars in NEM and the origin of the theft is already being investigated.

It seems that a new theft of cryptocurrencies within the market has been confirmed. According to the main executives of the exchange house CoinCheck, they have suffered the theft of 530 million dollars in NEM, which has been stolen from the platform. MineCC, a cryptocurrency analyst based in Japan, has reported that in the public press conference that CoinCheck executives have held, they have admitted that their hot wallet funds have been stolen, by an unknown group of hackers.

Cold wallets differ from hot ones, in that they are more secure and are always off the network, while hot wallets are always on the network and can be the focus of theft. Most exchange houses keep funds in a cold wallet, leaving only a small amount of funds in active wallets. This system is done like this, to prevent attackers who can access the network from stealing capital. Those responsible for CoinCheck, have explained that: 'It was difficult for us to manage the cold wallet'

We do not know if cryptocurrencies have been stolen from more wallets, but what has been confirmed is that 530 million in NEM have been stolen. NEM developers and the developer community of this open source cryptocurrency have confirmed that no hard fork will be executed to recover lost capital from a centralized exchange.

Japan is the largest international market, in terms of daily volume, being larger than the markets of the United States and South Korea, individually. The licenses for exchange houses are also stricter, something that establishes important security measures and a very specific infrastructure for trading platforms.

CoinCheck is the second largest exchange in Japan, only behind BitFlyer, so the news has surprised investors, and not pleasantly, precisely. This attack has been reported to the Japan Financial Services Agency and various government agencies are expected to investigate this security breach.

Source: CCN