At the time of writing, Coincheck is the 49th exchange in the world by trading volume, handling $10.6 million worth of trades during the last 24 hours. The exchange has also joined the Japan Network Security Association, and procured the services of external security experts. JVCEA recently received approval from Japanese regulator FSA to act as a self-regulating body, granting it the ability to penalize its members for not following internal rules. Coincheck is also a member of JVCEA, an organization comprised of 16 licensed Japanese cryptocurrency exchanges. Rebuilding ReputationĬoincheck is attempting to re-build its reputation, and was acquired by Japanese online broker Monex. While the NEM network is permissionless, the NEM blockchain platform can be deployed in a private, permissionless context for increased performance. NEM is a blockchain platform that uses a proof-of-importance (PoI) consensus algorithm. XEM has since experienced a correction, and is currently trading at $0.109. Cardano (-87.5%) and IOTA (-85.9%) are, however, not too far behind.Īfter the news that Coincheck was reintroducing XEM trading started circulating, the token spiked from $0.092 to $0.11, and eventually peaked at $0.121. XEM, the NEM platform’s native token, is down by a staggering 88.7% since January 1. The hack has undoubtedly contributed to the fact that NEM has posted the worst year-to-date performance among the top 20 cryptocurrencies by market capitalization. In January of this year, Coincheck suffered the biggest hack in the history of cryptocurrency, losing more than half a billion dollars worth of XEM. The reason for NEM’s price spike is that the coin will be reintroduced for trading on the Japanese cryptocurrency exchange Coincheck. This is particularly surprising since the majority other cryptocurrencies with a comparable market cap have lost value in the same time period. Gox’s $460 million hack of 2014., a cryptocurrency that’s rarely the centre of attention despite its 15th spot in the cryptocurrency market cap rankings, is up by 14% in the last 7 days. Coincheck’s theft remains the biggest in the cryptocurrency industry, together with the Mt. Today, the stolen tokens are worth just $38 million.
At the time, the coins’ estimated value totaled $530 million, which has since declined. The hackers pocketed 523 million NEM from Coincheck on Jan. Additional charges were filed by the authorities later.
Kitamoto admitted wrongdoing he claimed to have stolen over $19 million from Coincheck’s hack. In March 2020, two hackers, identified as Masaki Kitamoto and Takayoshi Doi, were arrested by Japanese police. Japanese police arrested two suspects related to the major hack. The Metropolitan Police Department of Tokyo didn’t disclose the suspects’ identities, as they’re still in the investigation phase. Moreover, authorities stated that the individuals knew such cryptos belonged to the hacking incident.
Within 90 minutes, the price for individual XEM tokens went from just above 0.09 to a high point of 0.11. Kyodo also revealed that trading transactions from the 30 suspects are estimated to be worth over $96 million, using the theft time’s exchange rate. But in a surprise move, Coincheck has relisted NEM on its servers, sending the XEM market cap briefly above the billion-dollar mark for the first time in more than two months. Prosecutors stated that the suspects converted hacked NEM coins stolen from Coincheck, making it easy to identify all the individuals. Police revealed that cyber-investigators traced accounts involved in the illicit transactions to “conventional” crypto exchanges. The suspects converted hacked NEM coins stolen from Coincheck. However, Kyodo later confirmed that all 30 people were arrested and now under police custody, citing familiar sources. Initially, Nikkei reported that the suspects were arrested or their cases have been referred to the prosecutors’ office. Tokyo authorities traced all individuals’ transactions to different places across the nation. Japanese police charged 30 people for their alleged involvement in illegal transactions linked to the $530 million Coincheck hack that took place back in 2018.
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