This is the biggest theft in cryptocurrency history.
The cryptocurrency marketplace was hack in Japan, where digital thieves made off with over half a billion dollars worth of NEM (XEM) tokens, CoinDesk reports.
What is believed to be the biggest cryptocurrency marketplace hack stole 500 million NEM tokens from Coincheck's digital wallets.
Wakata Yoshihiro and chief operating officer Yusuke Otsuka estimated the loss at 58 billion yen, or around $533 million.
The exchange's president estimates other peg the loss a bit lower at around $420 million, and some have it as high as $600 million.
"Caveat emptor," said Yvonne Zhang, who had spoken on a panel on the future of cryptocurrencies at an Association of Futures Markets conference in Bangkok on Friday, according to Bloomberg. "The ‘investors’ that did not do due diligence and take time to understand what they’re trading in, both venue and subject matter, face unhedgable risks. If they continue to ‘trade’ the same way knowing the murky nature of this market, they’re gambling."