Because the NEM coins were stolen due to poor securities measures and not a Blockchain flaw, the developers looked for a different solution. In what could be described as a lucky break, a complete hard fork was ruled out after the hack due to the nature of the theft. After reporting the incident to authorities, the exchange moved into damage control. Once Coincheck realized that the NEM tokens had been stolen they quickly halted all deposits and withdrawals on the exchange. 12 - 10 traders announce plans to file a lawsuit against Coincheck to recover stolen funds. 9 - Coincheck announces some users will be able to make Japanese Yen withdrawals for the first time since transaction freeze on Feb. 2 - FSA order Coincheck to submit a report on the incident and a systems improvement proposal by Feb. 2 - FSA visits Coincheck’s offices for a site inspection following the hack. 30 - NEM Foundation vice president Jeff McDonald announces that hackers are moving stolen NEM coins to various addresses 100 NEM at a time - while confirming no coins had been sold at exchanges. 27- NEM development team rules out hard fork, create automated tagging system to identify and flag all stolen NEM coins in circulation. 27 - Coincheck promises to refund 260,000 users affected by the NEM hack. Friday Jan.26 - 05:25 - Coincheck announces suspension of deposits or withdrawals from the exchange, report theft to the police and Japan’s Financial Services Agency (FSA).26 - 03:00 - hackers transfer 523 mln NEM coins from Coincheck exchange to a single address.
The timeline of events tells the story, but there’s been far more at play in the wake of the massive hack. It has been a helter-skelter two weeks for Coincheck - as it worked to both trace the stolen NEM coins while working out a plan to refund 260,000 users affected by the hack. Questions were quickly raised about the security measures taken by the Japanese exchange to store cryptocurrencies. The funds belonged to customers of the exchange, which were stored in an online ‘hot’ wallet.Īccording to Coincheck officials, the private key was stolen, which allowed a total of 523 mln NEM coins to be transferred from the wallet. 26, $534 mln worth of NEM coins were stolen by hackers in a number of transaction from the address. 13 on the hack in January which saw more than $500 mln worth of NEM coins stolen from the exchange. Gox hack of 2014.Īccording to Reuters, Coincheck delivered its report to Japan’s Financial Services Agency (FSA) on Tuesday, Feb. All eyes are on Japanese cryptocurrency exchange Coincheck in the aftermath of what has become the biggest hack in virtual currency history - eclipsing the Mt.
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