![]() ![]() Image taken from Coincheck’s Homepage found here. This story will focus on the details of the hack, how the tagging works, and what NEM and Coincheck are. Coincheck is tagging the money in order to track down the criminals. ![]() So the team at Coincheck was forced to do something much more interesting, and this the reason we are writing this story. The creators of NEM decided that Coincheck was completely at fault for the hack, and decided that they would not fork. This hack is much different, since most of the currency was lost in a single event, rather than a slow buildup due to errors, hackers, and negligence.Ĭoincheck reached out to the NEM network to see if they could revert the transaction. Coincheck estimates that over 250,000 people were affected by the hack, and assured that it was not an inside job. Last week, another Tokyo Bitcoin exchange, Coincheck announced they had lost approximately 500 million NEM tokens, with a value of about 500 million USD. Mt Gox is one of the main examples why we recommend keeping money in cold wallets rather than wallets at exchanges. An unusual series of mistakes was made which enabled the money to be stolen, or lost in several forms. This was by far the largest loss in the history of cryptocurrency and had a severe impact on the price of Bitcoin. Gox reported to their users that they had lost approximately 850,000 Bitcoin in multiple ways, which at that time was worth $450 Million USD (Or about $10B USD now). On June 19th 2011, the largest Bitcoin exchange, Tokyo-based Bitcoin exchange Mt. Before reading this article please read our disclaimer at the bottom of the article or hereOne of the largest Hacks in History Intro ![]()
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