Japanese Company Coincheck Hacked After Massive Breach

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Companies around the world operate in fear of some sort of hack or breach that could hinder their overall security. There have been many major news stories about large companies who have had breaches occur in the past. The aftermath of said breaches can have a major impact on a business, often for the worse. It now appears that the cryptocurrency industry is dealing with the aftermath of another major breach.

One reason that many people prefer using cryptocurrency is due to the fact that it doesn’t have as many rules and regulations surrounding this form of currency as others. Unfortunately, this sense of anonymity was what has made it so difficult for authorities to track the source of this breach in the early stages. That being said, the hack was reported due to the fact that Coincheck had a system in place to monitor and track any stolen forms of currency that were being circulated.

ABC News reports that criminals were able to steal an estimated 58 billion yen from Coincheck after the breach had taken place. Since the breach has taken place, Coincheck has vowed to refund everything possible to the nearly 260,000 people that were affected as the result of this cyber attack. However, some are skeptical of how the company plans to give their customer base such a large refund.

This isn’t the first time that Japan has had to deal with the aftermath of a massive cryptocurrency breach. Recently, MtGox was a Japanese Bitcoin exchange service that ended after nearly $600 million worth of currency was stolen after the service was successfully breached.

In closing, the country of Japan is dealing with another massive cryptocurrency breach. This breach recently happened to Japanese cryptocurrency company Coincheck. As a result of this hack, nearly 260,000 people were reported to have been affected by this massive breach. Considering that, Coincheck has stated that they help to refund nearly 90% of the funds from the affected accounts.

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