CoinCheck Latest Victim of Exchange Theft: Hackers Come Away with Record-Breaking $534 Million.

CoinCheck finds themselves on the wrong side of history — at the time of the attack, hackers stole 523 million XEM tokens with a total value of $534 million. The total surpassed the infamous Mt. Gox incident (reported at $340 million). CoinCheck does not intend to suffer the same fate, announcing they plan to remain in business and avoid bankruptcy.

“Along with our ongoing efforts to file applications to be registered as a Cryptocurrency Exchange Service Provider with Financial Services Agency, we will continue business.”

This does however warrant the question: why weren’t they already registered as a Cryptocurrency Exchange Service Provider with the FSA? This also raises another important question, what are the exchanges doing to prevent these attacks? What are they doing to protect themselves and most importantly the consumer?

Taking a look at the infographic to the left, there are some staggering numbers to keep in mind. 49 institutions have reported an incident and 56% of those exchanges have gone out of business. Now, here we are with the biggest incident to date; no written policy in place, not registered with the FSA, and another incident of the consumer sitting back and having to hope for the best.

Going forward there will be fundamental changes made, stability will be found, these incidents won’t impact the institutions or the consumer nearly as much as they do today.

CryptoCoinsure looks forward to doing just that with our transaction insurance offering we will be releasing later this year. Stay tuned.

We’d love to hear your thoughts and get engaged with the crypto-community. We are excited to offer a way to protect your funds and will continue to update our progress as we get closer to launch. Check out our website and visit our social media pages. Facebook, Twitter, and Instagram