Ripple (XRP) and NEM (XEM) Down After Largest Crypto Hack Ever

Largest Crypto Hack Ever

Friday morning has not started out on a good foot for some major cryptocurrencies. It was confirmed this morning, via press conference, that Coincheck has suffered the largest crypto hack ever. This is larger than the notorious Mt. Gox hack, which is estimated to be around 500 million NEM (XEM) tokens. Coincheck is based out of Tokyo, so the hack’s confirmed numbers are around 58 billion Yen (around $533 million USD). The exact total that has been lost is yet to be fully confirmed, as it is still being investigated.


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On the website’s blog, the exchange has completely frozen all XEM transactions. Around thirty minutes after this announcement, Coincheck suspended the withdrawal of all cryptocurrencies and yen from its site. The company also halted the trades of all cryptocurrencies except Bitcoin, and deposits via Credit cards.

Largest Crypto Hack Ever

Source: CoinMarketCap

At press time, NEM is selling at $0.84 a coin, down -9.41% in 24 hours. The coin has been on a downward trajectory ever since hitting its record high back on January 4th. It suffered major loses mid-January when the entire cryptocurrency market suffered a major hit with new investors panic selling. XEM still remains the 10th place cryptocurrency by market value, above Monero (XMR), Dash, and Tron (TRX).

Ripple (XRP)

Largest Crypto Hack Ever

Source: CoinMarketCap

Ripple (XRP) was also another coin that was hit with the Coincheck fiasco. As you can tell from the chart above, the coin fell nearly 15% in just a matter of hours. It remains unclear as to why many of the top coins are suffering. At press time, Ripple is selling for $1.22 a coin, down -6.85%, in 24 hours.

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Stellar (XLM) is the only coin in the top ten, in the green this morning. I advise anyone trading cryptocurrencies that they should never keep their digital tokens stored on exchanges or online wallets. To ensure your cryptocurrencies remain safe, I highly recommend moving them to cold storage wallets such as the Ledger Nano S or Trezor.

Featured Image: Twitter

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