![]() While 16 cyrptocurrency exchanges have been registered in Japan, Coincheck was not one of them. Japan has seen its share of global crypto trading rise following restrictions in China and South Korea. As long as those funds are off public exchanges they will be very difficult to liquidate, especially in large amounts." The foundation has called on the cryptocurrency community to take proper security measures such as hardware wallets and multifactor authentication. The NEM Foundation, the organization behind NEM, said Wednesday it is closely monitoring the stolen funds, adding, "None of the stolen funds have been sent to any exchanges. Officials at the watchdog and the company were not immediately available for comment. The FSA is now probing Coincheck's finances and trying to determine how the hack took place, as well as whether proper security measures have been set up, the Nikkei newspaper reported. More from Global Investing Hot Spots: Bitcoin's January struggles may hold clues for the future Both stocks and bonds in a bubble? Warren Buffett, already 'god of stocks' in China The company has said it will reimburse them with yen, but questions have emerged about its ability to pay, as well as why it had currencies stored in a hot wallet connected to the internet and thus potentially vulnerable to thieves. Some 260,000 Coincheck customers were victimized in the theft. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower On Twitter, Facebook, Google News, and Instagram.Best Debt Consolidation Loans for Bad Credit Rival tokens also slipped, with Ripple, Ether and Litecoin declining at least 1 percent.įollow HT Tech for the latest tech news and reviews, also keep up with us They have since climbed back above $10,000. Coincheck said it would still move forward with its application to secure a license.īitcoin slipped to a low of $9,523 on Thursday in Tokyo, extending overnight losses, according to prices compiled by Bloomberg. The FSA has come under fire for allowing 16 exchanges, including Coincheck, to operate while they await a decision on their applications under a revised licensing system introduced last year. Otsuka said Coincheck will comply with the order. The government watchdog told Coincheck to revise its management structure, improve anti-money laundering procedures and submit a report by March 22. Still, with NEM trading at such a steep discount since the January attack, that means the hackers now own a stash worth considerably less than what the victims stand to receive in compensation.Įarlier on Thursday, the Financial Services Agency ordered Coincheck to make further improvements and penalized six other exchanges. NEM prices rose as much as 7 percent after the exchange said it will start compensating users. Since the theft, NEM prices have plummeted and were trading at about 30 cents before Coincheck's announcement on Thursday. Koichiro Wada, chief executive officer, said the exchange made enough money from spread trading to fund the payback, which amounts to 88.549 yen for each of the 523 million stolen NEM coins. Two days after the hack, Coincheck announced it would use company funds to reimburse all of those who lost money in the theft. Customers have withdrawn about 60 billion yen ($566 million) in cash since the incident, he said. ![]() Yusuke Otsuka, Coincheck's chief operating officer, told reporters that the exchange has bolstered its security measures and is working to compensate users. Read more about how $500 Million in digital currency might be laundered. ![]()
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