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Hackers stole $400 million from cryptocurrency exchange Coincheck

500 Million NEM tokens were stolen from cryptocurrency exchange Coincheck

One of Japan's biggest cryptocurrency exchanges has revealed that it's lost almost $400 million in a security breach. Coincheck states that it has limited deposits and withdrawals for a cryptocurrency called NEM, and Bloomberg reports that 500 million NEM tokens have been sent from the company "illicitly," and that it's not exactly sure how.

The company has since suspended most trading and withdrawals, and is working to trace where the missing digital currency ended up. In a Tweet, the exchange stated that it was considering compensating those who lost money.

NEM is a digital currency like Bitcoin, Ethereum, or Litecoin, and is currently the eight biggest cryptocurrency by volume. TechCrunch explains the currency as a "distributed ledger platform mostly focused on allowing payments and other monetary services."