TOKYO - One of Japan’s largest digital currency exchanges says it has lost some $534m worth of virtual money in a hacking attack on its network.

Coincheck suspended deposits and withdrawals for all crypto-currencies except Bitcoin as it assessed its losses in NEM, a lesser-known coin.

If the theft is confirmed, it will be the largest involving digital currency.

Another Tokyo exchange, MtGox, collapsed in 2014 after admitting that $400m had been stolen from its network.

The stolen Coincheck money was said to be kept in a “hot wallet” - a part of the exchange connected to the internet. That contrasts with a cold wallet, where funds are stored securely offline. Coincheck says it has the digital address of where the money was sent and is going to do what it can to compensate investors.