Coincheck is a cryptocurrency exchange based in Tokyo, Japan offering the ability to trade bitcoin, ether, NEM and other cryptocurrencies. The exchange was launched on November 5, 2014 by founders Koichiro Wada and Yusuke Otsuka. Coincheck offers its users two-factor authentication and cold wallets (offline storage of cryptocurrency keys) to ensure their customers security.
On April 5, 2018 Monex Group Inc, an online Japanese brokerage, announced that it will purchase Coincheck for $33.6 million. Monex Groups purchase of Coincheck was due to increasing pressures to tighten regulatory standards in Japan related to cryptocurrencies following the theft of $530 million from Coincheck in January 2018.
500 million NEM stolen from Coincheck exchange
The digital wallets containing Coincheck's reserves of 500 million NEM were hacked, representing the largest cryptocurrency hack in history to date. Estimates from COO Yuske Otsuka place the value in USD of the NEM coins stolen at ~$533 USD, although given the highly volatile valuation of the currency estimates range widely.
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