weekly blockchain security roundup

More scams, hacks and exploits this week – starting the new year out with lots of activity! First up – the biggest theft of tokens ever reported.

Japanese exchange Coincheck got hacked a couple days ago for $533 million USD worth of NEM tokens. Apparently the exchange was overwhelmed with activity and never got around to fixing their system, which was simply to conduct all trades from an online “hot” wallet. This is one of the classic fail moves memorialized by MT Gox back in the day – not keeping most money offline in cold storage, then getting hacked.
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