Friday is not shaping up to be a great day for cryptocurrency, with 88 of the 100 largest tokens reporting losses in the early hours of the day. Top coins Bitcoin, Ethereum, and Ripple all suffered losses after a Tokyo-based exchange unexpectedly halted withdrawals.

Coincheck, an exchange founded in 2012, halted all fiat currency and cryptocurrency withdrawals, stating that it was preparing a statement in due course. Hiroyuki Komiya, Chief Executive Officer of Tokyo-based Blockchain Technology Consulting, told Bloomberg that Coincheck is a “very well-known exchange” in the country and people are “very eagerly awaiting to hear more detail.” Markets reacted negatively to the news.

Bitcoin dropped five percent over the 24-hour period to $10,676, Ethereum dropped three percent to $1,025, and Ripple dropped nearly 10 percent to $1.20. The worst performer was the relatively obscure Experience Points, the 96th largest cryptocurrency, which dropped nearly 20 percent.

Why Coincheck has suspended trades is unclear. Koji Higashi, Japanese cryptocurrency expert, has reported that one rumor claims that the exchange has lost NEM tokens.

Yuji Nakamura, Bloomberg tech reporter, said Coincheck is refusing the clarify these rumors. Lon Wong, the president of Foundation behind the NEM cryptocurrency, said it was assisting in the process. Read more from…

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