Hackers stole $530 million in the biggest cryptocurrency theft yet
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
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.