In a hastily called press conference late Friday, the hacked exchange, Coincheck, admitted it had not used adequate security measures to store the stolen cryptocurrency, called XEM. It also comes less than two months after hackers pilfered $70 million from a Bitcoin mining site-a sign that crypto continues to attract hackers.Īll hacks are unique, and the most recent one was carried out thanks to security weaknesses at the targeted exchange.īut many are asking why hackers continue to target cryptocurrencies, especially when blockchain technology can record any transaction a user makes-and whether any exchange is truly safe. It was the latest high-profile crypto hack, and the most significant since $460 million in Bitcoin vanished in 2014. The coin’s impact and reach will grow internationally as more exchanges and platforms become aware of the Shiba Inu phenomena.On Friday, a Japan-based cryptocurrency exchange revealed hackers had stolen more than $500 million-worth of customers' funds in what is thought to be the largest-ever cryptocurrency hack. SHIB’s partnership with Coincheck is only the start of its global development, even though the Japanese market acts as a testing ground for cryptocurrencies. By the time of publishing, there had been a noteworthy 68% increase in the burn rate, which increased its allure even further. Furthermore, the price increase of the token seems to correspond with the rise in the meme coin’s burn rate. According to statistics from Coingecko, SHIB is currently trading at $0.00001008, up 2% over the previous seven days. This occurs subsequent to the coin removing a zero from its figure. This noteworthy development not only establishes Shiba Inu as a credible competitor in the cryptocurrency space, but it also represents a critical turning point in its evolution from popular meme to widely accepted product. Meme Coin’s Milestone: Competing, Evolving, And Burning Coincheck has significantly shaped and influenced the cryptocurrency market in Japan under Hasuo’s direction, helping to increase the acceptance and utilisation of digital assets in the nation. Chart: ĬEO Satoshi Hasuo founded Coincheck in 2012, and since then, it has grown to become a major player in the Japanese cryptocurrency market. SHIB market cap currently at $5.83 billion. The exchange stressed that updating its trading app is essential to provide accurate and current pricing for users exploring the platform. With this change, customers will have more options for investigating and purchasing digital collectibles through SHIB. Additionally, the exchange disclosed intentions to increase the use of the coin inside its ecosystem, conceptualizing its incorporation as a means of payment on Coincheck’s NFT marketplace. Shiba Inu lead developer Shytoshi Kusama reacted by posting a Japanese “hello” to Coincheck on X (formerly Twitter) and drawing attention to the news within the community. Coincheck users may now purchase, sell, send, and receive the coin with a dog motif thanks to the addition of support for the token. In line with today’s statement, Coincheck has expanded its list of accepted cryptocurrency assets to include the meme coin. The inclusion of SHIB on Coincheck provides investors and enthusiasts in Japan with a regulated and trustworthy platform to engage in the trading and investment of this unique and beloved digital asset. This significant milestone not only attests to the growing popularity of the coin but also underscores its increasing acceptance within the global crypto landscape. Shiba Inu, the widely acclaimed cryptocurrency that has captured the attention of the market with its charming canine-inspired concept, has achieved remarkable success by securing a coveted listing on Coincheck, a well-established and regulated cryptocurrency exchange based in Japan. Land Of The Rising SHIB: Major Japanese Exchange Lists The Meme Coin
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