Japanese cryptocurrency exchange Coincheck, was victim of massive hack which resulted in the loss of 523 million NEM coins, worth approximately $534 million.
The coins were stolen via several unauthorized transactions from a hot wallet. According to the exchange’s representatives, the hackers have managed to steal the private key for the hot wallet where NEM coins were stored, enabling them to drain the funds.
All the stolen money belonged to the customers of the exchange. The ‘inappropriate’ movement of the funds was reported by Coincheck to Japan’s Financial Services Agency, as well as the police later on the same day.