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Similarly, it also alarmed other crypto exchanges to work on their security protocols to protect their assets from similar hacks. The breach made users and companies insecure about their unshakable trust in the security protocols of crypto projects and blockchains. The crypto community was shaken by the Coincheck hack as it was considered as one of the biggest crypto hacks till 2018. This is why Coincheck is now regarded as one of the most active platforms on the internet today. It was seen as a power move by their customers and potential customers. Similarly, Coincheck set a great example by being able to compensate for the losses of their customers.
The Aftermath of the HackĪlthough this hack shook Coincheck to its core, it also made many crypto exchanges realize that they need to fill their security gaps to ensure that the assets of their customers are kept safe even if there is a security breach involved in the future. The reimbursement took some time but everyone was returned the exact amount that they had lost during the hack. And because of that Coincheck is rising again by improving its security practices. Later, the exchange used its capital to reimburse the losses of its 260,000 customers. Due to inadequate security measures set into place, the hackers were able to execute their mission successfully.Ĭoincheck did not realize that their system was hacked until after a few hours. However, after the investigation was carried out, Coincheck admitted that hackers were able to get into their system because of a shortage of employees at that time. Coincheck claimed at that point that they were making the best efforts to recover the lost assets. Post Mortem of the HackĪpproximately, $500 million worth of assets were lost. The authorities involved led a detailed investigation but they were unable to retract the lost assets or the identities of those hackers.
The identities of the hackers that breached the security system are still unknown. Unknown hackers in Japan hacked into the Coincheck cryptocurrency exchange on Jan 26, 2018. The checkers sent $523 million worth of NEM coins ( XEM) to another address. Coincheck hack is regarded as one of the biggest crypto hacks in history. However, there have been a few attacks in the past that have made people skeptical about trusting cryptocurrency exchanges and storage.
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