Coincheck, one of Japan’s largest digital currency exchanges says it has lost $534m in a hacking attack on its network. If the theft is confirmed, it will be the largest involving digital currency.
Coincheck says it has the digital address of where the assets were sent.
What do we know about the hack?
Hackers broke in at 02:57 on Friday (17:57 GMT Thursday), the company said in a statement, but the breach was not discovered until 11:25, nearly eight and a half hours later.
Company chief operating officer Yusuke Otsuka said 523m NEMs had been sent from Coincheck’s NEM address during the breach.
“It’s worth 58bn yen based on the calculation at the rate when detected,” he told reporters at the Tokyo Stock Exchange.
“We know where the funds were sent,” Mr Otsuka added. “We are tracing them and if we’re able to continue tracking, it may be possible to recover them.”
Coincheck reported the incident to the police and to Japan’s Financial Services Agency.
Coincheck was founded in 2012 based in Tokyo with headquarters in the city’s Shibuya district, an area popular with start-ups that was also home to MtGox, Bloomberg reports.
Last year, Coincheck began running adverts on national television featuring popular local comedian Tetsuro Degawa, the agency adds.
Kunihiko Sato, a 30-year-old customer from Tokyo, told Kyodo he had deposited about 500,000 yen ($4,600), into his account with the exchange.
“I never thought this kind of thing would happen with Japan’s developed legislation,” he said.