Published: Tue, January 30, 2018
Markets | By Noel Gibbs

Japan's agency to give orders to Coincheck

Japan's agency to give orders to Coincheck

Japanese cryptocurrency exchange Coincheck, which on Friday lost over $400 million in cryptocurrency to a hack, said it will use its own capital to reimburse customers. From our last news about the attack, the theft pointed out some vulnerabilities in trading an asset that global authorities are trying to get hold of.

The FSA said it had ordered Coincheck to investigate the root cause of the hack and clarify responsibility after it questioned the company's executives.

If necessary, the regulator will also conduct on-site inspections of other cryptocurrency exchanges registered in Japan.

Coincheck, Japan's largest cryptocurrency exchanges, revealed it has lost almost $400 million in NEM tokens.

Currently, CoinCheck is in the process of figuring out if the hack took place from Japan itself or not and where did the stolen funds be transferred to.

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Coincheck has indicated that it will pay JPY 88.549 for each of the coin lost by the customers.

Coincheck had already announced on Friday that it would reimburse nearly 90% of the stolen sum using its own funds, however without indicating when or how it would proceed. Bitcoin prices dropped by four percent on Friday morning.

"It's been long said that cryptocurrencies are a solid system but cryptocurrency exchanges are not", said Makoto Sakuma, research fellow at NLI Research Institute. In June, Bithumb, one of Korea's leading exchanges, suffered two hacking attacks. However, the exchange has restricted dealings for its other currencies as a precaution. Also, it should be noted the broad cryptocurrency market reacted in a tranquil manner and range trading has been prevalent in the short term. One of the most popular scripts is from Coinhive, which in October asked that site owners make users aware of what is going on.

"We know where the funds were sent", said Yusuke Otsuka, COO and co-founder of Coincheck. "We believe there's so much more potential for our solution, but we have to be respectful to our end users".

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Following the Mt. Gox incident, the government changed the law and made it a requirement that virtual exchanges register with the government from April 2017.

The plea follows a parliamentary ruling that the cryptocurrency is illegal.

"Unified threats articulated by a chorus of financial heavyweights on cryptocurrency regulations during the Davos conference, have exposed Bitcoin to significant downside risks", said Otunuga.

When it comes to cryptocurrency, let the buyer beware and be aware, says TechRepublic's Brandon Vigliarolo.

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