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Coincheck's $520M hack lays bare flaws in new breed of exchange

coincheck hack

Coincheck's $520M hack lays bare flaws in new breed of exchange

Coincheck's $520M hack lays bare flaws in new breed of exchange Tokyo-based exchange Coincheck suffered a $526 million theft of virtual currency. TOKYO -- The theft of 58 billion yen ($526 million) in cryptocurrency from Japan's Coincheck last week demonstrated that profit-focused exchange operators have neglected critical infrastructure, including protections for investor assets When Coincheck said early Sunday morning it would refund 80% of the value of the stolen virtual currency out of its own pocket, the news astonished a 29-year-old Tokyoite with an account at the exchange. "It has 46 billion yen in cash?" the office worker wondered. If...

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