Japanese online broker Monex Group is looking to take over a recently hacked Japanese cryptocurrency exchange Coincheck.

Japanese exchange Coincheck has just confirmed at press conference - a hack has indeed taken place.

Earlier today users were in a panic as XEM tokens were missing from all users wallets. The total amount missing is still unconfirmed - but the exchange held 58 billion yen worth of the currency - a $533 million value.

This would make this the largest hack of cryptocurrency yet  - breaking the previous record set by Mt.Gox of $340 million.

We're watching for further developments.