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Japan's Financial Regulator Investigates Coincheck

By Olga

The Financial Service Agency (FSA), Japan's governmental agency and an integrated financial regulator has given Coincheck a business improvement order. Coincheck lost an estimated $534 million dollars worth of NEM cryptocurrency after it was hacked last week.

Japan's Financial Regulator Investigates Coincheck

One of Japan's Biggest Cryptocurrency Exchange Hacked

The Tokyo-based cryptocurrency agency on Sunday said that it would return the around 90% of the investors' money through internal funds but did not mention when. It had suspended trading of all cryptocurrencies except Bitcoin. Around 260,000 customers had their money deposited in NEM in Coincheck.

Being one of the biggest cyber heists, it shook Japan's cryptocurrency market and highlighted the vulnerability of cryptocurrency trading as the country aims to leverage the fintech industry to stimulate economic growth.

The FSA will see to it that the exchange thoroughly investigates the cause of theft to prevent the incident from reoccurring. The agency has suspected managerial problems in the exchange causing inefficient security measures that could have prevented wrongful access to the system and poor customer service.

Story first published: Monday, January 29, 2018, 12:07 [IST]
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