Japan: A cryptocurrency exchange called Coincheck was hacked on January 25 and lost $534-million in NEM tokens, a lesser-known cryptocurrency. This loss is higher than the Mt. Gox theft of 2014. Coincheck says it will use its own money to reimburse all 260,000 affected users, though it didn’t specify when it will start disbursing funds.
Bitcoin makes another dramatic advance, this time above $9,500 as Korea’s second largest bank, Shinhan Bank, tested Bitcoin services for its clients. The bank intends to manage and issue the private keys of bitcoin addresses and wallets. Shinhan is no small enterprise with $192-billion in assets and over 13,000 employees in 2016. Bitcoin now has a market cap over $156-billion, leaving the cryptocurrency worth more than Merck, Disney, and GE.