Coincheck is a leading and popular cryptocurrency exchange based in Tokyo, Japan. It offers trading in popular cryptocurrency pairs such as Bitcoin, Ethereum and more for as little as 500 JPY. For more sophisticated traders, it also features a professional grade charting platform and block trades for better rates. Coincheck security features include storage of customer assets in cold wallets, working with information security firms and two-factor authentication for users.
On Jan. 26, 2018, $530 million worth of NEM (XEM) tokens were stolen in a hack of the exchange. This was due to Coincheck being short staffed and suffering technical difficulties, resulting in poor security practices. The stolen XEM tokens were stored in a hot wallet, which is connected to the internet, instead of an offline cold wallet, which is standard industry practice. All affected Coincheck users were subsequently compensated. Find out more about the largest crypto hacks in history and how it affected the exchanges.