![]() If any problems or weaknesses with security were found during the course of the hearings, the FSA would also conduct onsite inspections. It added it would conduct hearings with other exchanges after their operators had run their own checks. The FSA said it ordered Coincheck to submit a report on the hack and measures for preventing a recurrence by February 13. ![]() Last year, it became the first country to regulate exchanges at the national level – a move that won praise for boosting innovation and protecting consumers, and that contrasts sharply with crackdowns in South Korea and China. The hack has drawn into focus Japan’s approach to regulating cryptocurrency exchanges. It also does not use an extra layer of security known as a multi-signature system. The NEM coins were stored in a “hot wallet” instead of the more secure “cold wallet”, which operates on platforms not directly connected to the internet, Coincheck said. The Financial Services Agency (FSA) yesterday ordered improvements to operations at Coincheck, which on Friday suspended trading in all cryptocurrencies except bitcoin after hackers stole ¥58bn ($534mn) of NEM coins, among the most popular digital currencies in the world.Ĭoincheck said on Sunday it would return about 90% with internal funds, though it has yet to figure out how or when. The theft highlights the vulnerabilities in trading an asset that global policymakers are struggling to regulate and the broader risks for Japan as it aims to leverage the fintech industry to stimulate economic growth. Japanese authorities said yesterday they would investigate all cryptocurrency exchanges in the country for security gaps and ordered Coincheck to lift its standards after hackers stole $530mn worth of digital money from the Tokyo-based exchange in one of the world’s biggest cyberheists.
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