According to CNN:

“A cryptocurrency exchange in Japan is coming under government scrutiny after it said hackers stole $530 million from its users.

The exchange, Coincheck, has promised to partially refund the 260,000 cryptocurrency investors affected by the theft, although it didn’t say when it would do so or where it’s getting the money from.

The hacking at Coincheck, which bills itself on its website as “the leading bitcoin and cryptocurrency exchange in Asia,” came to light over the weekend. If confirmed, it’s expected to rank as the biggest such theft on record, eclipsing the estimated $400 million in bitcoin stolen from Mt Gox in 2014.

Coincheck said the hackers stole customer deposits of NEM, a less well known digital currency.

The exchange promised to use cash from its own funds to pay out ¥46.3 billion ($426 million) toward covering its users’ losses. That’s about 20% less than the total value of the virtual tokens that were stolen.”

Read the rest of the article here.

The information in this blog post (the "Blog" or "Post") is provided as news and/or commentary for general informational purposes only. The information herein does not, and shall never, constitute legal advice and therefore cannot be relied upon as a legal opinion. Nothing in this Blog constitutes attorney communication and is not privileged information. Nothing in the Post or on this website creates any kind of attorney client relationship or privilege of any kind.