Cryptocurrencies have many risks associated with them and one of that risks is hacking and this is what happened recently with Coincheck, a Japan-based digital exchange, which resulted in a steep fall in cryptocurrency prices.
Coincheck on Friday suspended its clients’ deposits and withdraws of virtual currencies except bitcoin, saying that it has been hacked. The virtual currency that was lost was NEM and the value that was lost is $500 million. Coincheck quickly insisted that it is investigating the unauthorized access.
Coincheck’s chief operating officer Yusuke Otsuka late Friday said:
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