Coincheck, a major Tokyo-based cryptocurrency exchange has lost more than $650 million in cryptocurrency after a hacking attack.
This attack looks like it has been the largest hack attack in the history of cryptocurrency.
On Friday Coincheck announced on its website that it was suspending withdrawals of cryptocurrency and has since reported the attack to the police.
Nikkei Veritas, a Japanese investment paper, reported that the full extent of the attack may not be known until further investigations have been made.
The attack is drawing some comparisons to the attack Mt. Gox, which once handled 80% of the world’s bitcoin trades.
In 2014 Mt Gox. filed for bankruptcy after losing 850,000 bitcoins, worth over $600,000, and losing more than $34 million from their bank account.
The attack on Coincheck will likely have less of an impact on the market, however, as Coincheck holds a smaller share of the market than Mt Gox did.