Coincheck Japanese cryptocurrency exchange suspended all withdrawals as a $ 123 million Ripple payment Friday, January 26.

In what appears to be a problem related to his support for NEM altcoin, Coincheck, which is among Japan's largest stock exchanges, suddenly froze NEM deposits on Friday.

An accompanying blog post stated:

"The deposit of NEMs on Coincheck is currently limited and the deposits made to your account will not be reflected in your balance, and we advise all users to refrain from making deposits until the restriction is lifted. "

The restriction then extended to NEM sales and purchases, followed by withdrawals, before the exchange eventually stops all currency withdrawals, crypto and fiat.

"All withdrawals from the platform are currently restricted, including JPY Thank you for your understanding We are doing our best to resume normal operations as soon as possible", writes the latest blog update

Since the closing of operations, Coincheck's portfolio has shifted a single sum of 101,265,057 XRP. , worth about $ 123.5 million. Unconfirmed reports to Cointelegraph further claim that 600 million NMS left the exchange.

A massive XRP has moved from Coincheck to somewhere !!!

Does this link the freeze of NEM trade today? #coincheck $ xrp $ nem https://t.co/9xxiIzfeSz – ⚡11outrage⚡ (@ 11outrage) January 26, 2018

On the English and Japanese social networks, Coincheck promised users to provide all the details in

Notably, Coincheck is not registered with the Financial Services Authority of Japan – a regulatory body responsible for overseeing trade in the country – unlike several other important crypto exchanges -currency, like BitFlyer and Quoine.

Reports also surfaced of Japanese media beginning to gather at Coinchek headquarters.