$530 Million Hack of a Cryptocurrency Exchange: Security Flaws

One of the largest cryptocurrency exchanges in Japan has fallen victim to hackers thanks to their negligent storage practices. Coincheck Inc., have announced today that around half a billion dollars worth of the digital currency NEM have been transferred without permission from the company’s hot storage wallet. The news broke late last night at a press conference held at the Tokyo Stock Exchange. Officials from Coincheck Inc. spoke of some 500 million XEM tokens going missing but of little