Skip to Content
Blockchain

Hackers stole $530 million in the biggest cryptocurrency theft yet

January 29, 2018

Over the weekend, a popular cryptocurrency exchange called Coincheck admitted that hackers had breached its systems and looted digital funds worth over $530 million.

What happened: The Tokyo-based exchange says the money was stolen from an internet-connected money storage system known as a “hot wallet,” which is used for easy access to funds. The hack took place at 2:57 AM on Friday in Tokyo, but it wasn’t noticed for another eight hours. The firm says it knows where the funds went and is tracking them.

Refunds due: Users can rest easy(ish), because Coincheck promises that it will refund over $423 million of the lost money.

Next up: Japan’s financial regulator has already said it will inspect all the nation’s crypto exchanges. More broadly, expect the breach to lend weight and urgency to the many global clampdowns on crypto activity—such as South Korea’s proposed trading ban.

Keep Reading

Most Popular

This new data poisoning tool lets artists fight back against generative AI

The tool, called Nightshade, messes up training data in ways that could cause serious damage to image-generating AI models. 

Rogue superintelligence and merging with machines: Inside the mind of OpenAI’s chief scientist

An exclusive conversation with Ilya Sutskever on his fears for the future of AI and why they’ve made him change the focus of his life’s work.

The Biggest Questions: What is death?

New neuroscience is challenging our understanding of the dying process—bringing opportunities for the living.

Data analytics reveal real business value

Sophisticated analytics tools mine insights from data, optimizing operational processes across the enterprise.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.