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

A Roomba recorded a woman on the toilet. How did screenshots end up on Facebook?

Robot vacuum companies say your images are safe, but a sprawling global supply chain for data from our devices creates risk.

A startup says it’s begun releasing particles into the atmosphere, in an effort to tweak the climate

Make Sunsets is already attempting to earn revenue for geoengineering, a move likely to provoke widespread criticism.

10 Breakthrough Technologies 2023

Every year, we pick the 10 technologies that matter the most right now. We look for advances that will have a big impact on our lives and break down why they matter.

These exclusive satellite images show that Saudi Arabia’s sci-fi megacity is well underway

Weirdly, any recent work on The Line doesn’t show up on Google Maps. But we got the images anyway.

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.