Cryptocurrency worth $ 534 million was stolen

Coincheck called for an electronic trading platform to improve the performance of Japan’s financial supervision, from which $ 534 million worth of digital currency was stolen by hackers last week.

Tokyo-based Coincheck.com has suspended trading in all cryptocurrencies except bitcoin after computer pirates stole 58 billion yen worth of alternative crypto money (altcoin) from a liquid wallet where large sums of money are constantly available. One of the most popular altcoins, the digital currency known as NEM (New Economic Movement), was stored in the wallet.

While much of the world does not yet have strict regulation and policymakers are now trying to find a solution to control, in Japan, the first country in the world to pass a law legalizing bitcoin last year and regulate the operation of digital currency bills. Tokyo was driven by the goal of leveraging the innovations of the financial technology (fintech) industry to stimulate economic growth.

Source: MTI