Coincheck Is Trying to Recover after the Hacker Attack

If you have held bitcoins in Mt.Gox. you definitely remember that this time was the time when things were changing. This was the hardest time in the history of cryptocurrency. But even Mt.Gox was overtaken, this time, Coincheck takes the first place. The biggest single exchange attack since cryptocurrency exists – and it was connected with Coincheck, one more Japanese exchange.

Though, even if thieves have stolen much more, than in the case with Coincheck, the general effect on the market of cryptocurrency was less severe. Mt.Gox case was full of dark deals and hidden facts, but Coicheck acts differently. The exchange put its clients in the center. It even promised to reimburse the losses.

The Coincheck hack resulted in the loss of approximately 534 mln USD in NEM. The tokens were just stolen via illegal transactions from the hot wallet of the exchange.

The hack was involving only NEM coins.

It was done as a result of a theft of a private key from the wallet where the coins were kept.

When the exchange saw the problem, it blocked all transactions in hope to detect the drain.

One more fact was discovered: the security. All other coins were kept in multising wallets, and they were not stolen, NEM was the only currency that wasn’t kept in a multising wallet, and that could be the cause of the attack and its success.


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