The price of Bitcoin (available on Coinbase) (BTC) increased sharply over the weekend and hit a high of $12,000 on Sunday. The jump from Friday’s low of $10,400 was short-lived however as the market was suddenly hit by the Coincheck hack resulting in the theft of $530 million worth of NEM coins (NEM). Bitcoin (available on Coinbase) price has been volatile since the start of this year but the latest hack may have damaged faith in the cryptocurrency even further.

Although the Coincheck management ensures a refund of almost $425 million, Japan’s Financial Services Agency has raised questions over whETHer Coincheck actually has enough funds for the compensation.

The hack has not only exposed the security of the entire cryptocurrency markets, it has also raised concerns about regulatory requirements.