The Japanese cryptocurrency NEM was hacked. 523 million NEM coins were stolen from the Japanese cryptocurrency exchange, Coincheck. Coincheck was storing these NEM on a "hot wallet", which is another way to say that the coins were directly attached to the internet and apparently, vulnerable to an attack.
This is why I have stressed the importance of a hardware wallet to secure your crypto assets, and I just warned about this type of thing yesterday in a this post.
This equates to $534.8 million dollars or about 58 billion yen.
This is a very substantial loss and probably the biggest since the Mt. Gox scandal involving Bitcoin.
I feel bad for anyone that lost funds in this attack, but let it be a lesson to always secure the majority of your funds via hardwallet. There is no excuse to leave them on any exchange.
Let's hope that the hackers eventually get caught and that the people who lost their funds could somehow have them recovered one day. It isn't very likely in this case, but you never know if the thieves might have left a trail or if they are sloppy with their cashouts.
Be sure to check out some of other recent posts:
800 Follower Steem Giveaway- Giving 8 Steem to the person who guesses the closest price of Steem exactly when I receive my payout for the post.(guessing is closed after 5 days)
Thursday Throwdown #1 | Let's all help Steemit grow!- A new weekly post where I will be taking all of the Steem Dollars earned and using them to advertise Steemit on Google Adwords, CoinAd, and CoinMarketCap.
Wednesday's Weekly Feature #1- Featuring one of my follower's blogs each week with an FAQ and why you should follow their blog on Steem.
To the moon,
