Bitcoin and Ethereum price COLLAPSES as crackdown spooks investors following £380M heist

Tuesday, January 30, 2018
By Paul Martin

THE price of Bitcoin stumbled after Japan became the latest Asian country to crackdown on cryptocurrency exchanges after nervous investors reeled following a £380million Coincheck heist, it has been revealed.

Tue, Jan 30, 2018

Other cryptocurrencies were hit by the slide yesterday with rival Etheruem falling from $1,525 on Monday to $1,153 at the time of publishing.

All cryptocurrency exchanges will now face inspections as Japan’s financial watchdog tries to prevent future thefts.

Coincheck became the victim of what is believed to be the biggest ever cryptocurrency robbery after hackers made away with millions in Bitcoin rival NEM.

Coincheck was ordered to beef up their security following the massive heist and have promised to pay customers back out of their own funds.

But Japanese authorities are now taking a closer look all cryptocurrency exchanges based in the country in a bid to protect consumers.

The NEM coins were particularly vulnerable to attack because they were held in so-called “hot wallets” which are easier to hack than “cold wallets” which are not directly joined to the internet.

Most cryptocurrency is stored in “cold wallets” meaning it is more secure.

Coincheck will use its own funds to pay back more than £360million to customers caught up in the theft on Friday.

More than 260,000 customers lost their NEM cryptocurrency coins in the cyber attack on the Tokyo-based company’s secure systems.

The method and time-frame for repaying those who lost money in one of the biggest thefts of digital money in history have yet to be agreed.

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