Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

1/30/2018
02:05 PM
50%
50%

Hack Costs Coincheck Cryptocurrency Exchange $530 Million

Losses at Japanese exchange Coincheck surpass those of the Mt. Gox Bitcoin exchange hack in 2014, and may be largest-ever cryptocurrency theft.

In possibly the largest known cryptocurrency hack to date, Japanese exchange Coincheck announced Friday that they had lost 58 billion yen, approximately $530 billion, worth of XEM cryptocurrency. This surpasses the 48 billion yen worth of Bitcoin lost by the Mt. Gox Bitcoin exchange in 2014.  

XEM (or NEM coins), created by the Singapore-based NEM Foundation, is one of the most popular cryptocurrencies in the world, according to Reuters. Coincheck acknowledged its security practices on XEM were insufficient, however. As Money reports

Coincheck said it used different security standards for different currencies, and that unlike customers' Bitcoin holdings, their XEM funds were stored in a "hot wallet" online instead of a "cold wallet" offline—a scenario ripe for hackers.

The company also failed to use multi-signature authentication on XEM funds, which would require at least two people for access.

Although blockchain technology has enabled Coincheck to identify the 11 addresses where the stolen coins ended up, and set up a tool for exchanges to automatically reject purchases made with them, hackers may still be able to use the funds via "tumblers" - exchanges that act like cryptocurrency laundering services. Coincheck has promised to reimburse 90 percent of the losses.

Read more about the incident here.  

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio
 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
COVID-19: Latest Security News & Commentary
Dark Reading Staff 6/5/2020
How AI and Automation Can Help Bridge the Cybersecurity Talent Gap
Peter Barker, Chief Product Officer at ForgeRock,  6/1/2020
Cybersecurity Spending Hits 'Temporary Pause' Amid Pandemic
Kelly Jackson Higgins, Executive Editor at Dark Reading,  6/2/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: What? IT said I needed virus protection!
Current Issue
How Cybersecurity Incident Response Programs Work (and Why Some Don't)
This Tech Digest takes a look at the vital role cybersecurity incident response (IR) plays in managing cyber-risk within organizations. Download the Tech Digest today to find out how well-planned IR programs can detect intrusions, contain breaches, and help an organization restore normal operations.
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-13864
PUBLISHED: 2020-06-05
The Elementor Page Builder plugin before 2.9.9 for WordPress suffers from a stored XSS vulnerability. An author user can create posts that result in a stored XSS by using a crafted payload in custom links.
CVE-2020-13865
PUBLISHED: 2020-06-05
The Elementor Page Builder plugin before 2.9.9 for WordPress suffers from multiple stored XSS vulnerabilities. An author user can create posts that result in stored XSS vulnerabilities, by using a crafted link in the custom URL or by applying custom attributes.
CVE-2020-11696
PUBLISHED: 2020-06-05
In Combodo iTop a menu shortcut name can be exploited with a stored XSS payload. This is fixed in all iTop packages (community, essential, professional) in version 2.7.0 and iTop essential and iTop professional in version 2.6.4.
CVE-2020-11697
PUBLISHED: 2020-06-05
In Combodo iTop, dashboard ids can be exploited with a reflective XSS payload. This is fixed in all iTop packages (community, essential, professional) for version 2.7.0 and in iTop essential and iTop professional packages for version 2.6.4.
CVE-2020-13646
PUBLISHED: 2020-06-05
In the cheetah free wifi 5.1 driver file liebaonat.sys, local users are allowed to cause a denial of service (BSOD) or other unknown impact due to failure to verify the value of a specific IOCTL.