A Japanese exchange has lost 58 billion yen ($530 million) in cryptocurrency because of hacking, according to Japanese media reports.

The Coincheck exchange said on its website Friday that it had halted sales and withdrawals of the currency, which is called NEM. It later added that it had restricted dealings in most other cryptocurrencies too.

It is believed that hackers only stole NEM tokens which is a recently launched cryptocurrency, but it is already the 10th largest in the world.

Following the attack NEM dropped 20% from $1 to $0.8, and it is thought the theft represents 7% of all the NEM tokens available.

Coincheck also moved $110 million worth of Ripple (XRP) cryptocurrency after the hack, but there is no evidence that any Ripple coins were stolen, and this was just a preventative measure.

Coincheck was founded in 2012, is based in Tokyo, Japan, and was in the middle of getting a license from the Japanese government to operate as a legitimate cryptocurrency exchange in the country.

This, unfortunately, will be another blow to the cryptocurrency market as a whole as investors may lose faith in these coin exchanges.

Coinchek have suspended trading of all coins bar Bitcoin

As it currently stands neither, Bitcoin or Ripple have seen a noticeable drop since the announcement.