Coincheck exchange managed to lose $ 400 million of cryptocurrency

Coincheck, one of Japan's largest cryptocurrency exchanges, lost NEM digital coins worth nearly $ 400 million, which reminds investors of the Mt. Gox, located in Tokyo by 2014, which has led many customers to lose 850,000 Bicoins after cyber attacks, according to Bloomberg.

On Friday, after several hours of speculation, Coincheck reported that the coins were sent "illicit" out of the exchange.

The company did not know that 500 million cryptocurrencies were missing and the company is working now to secure all client assets, Yusuke Otsuka, co-founder of the exchange, said.

"We know where the money was sent" Otsuka said during a Tokyo Stock Exchange press conference. "We are following them, and if we can do this further, there is a chance we can recover them."

Another example that exchanges are not safe for holding your cryptocurrency. Yes, when trading we might need to use the exchanges in order to move volume in the market and cash out, but I believe that for everybody when specific thresholds are reach we should all withdraw the cryptos to personal wallets. Nothing should be left exposed to the internet as there are so many ways to get hacked these days. And we all know that prevents is better than cure. Keep it safe!