Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.
Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.
It is the exchange fault and not the NEM coin. The exchange didn't put XEM in a cold storage which is a basic protocol of every exchange in the market. That is why you must do a habit not to put all your holding in an exchange if you don't want to get lost all your investment.