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Security vulnerabilities: Coincheck must before financial supervisory authority explained

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after the debacle to the theft of NEM amounting to €430 million enters the Japanese financial supervision on the plan. It plans to check the Exchange Coincheck and prompts the operator to act. Approach could also have an impact on all crypto trade in Japan.

As reported Friday Coincheck NEM tokens in the value of total 58 billion yen was stolen last week by a hacker attack on the Japanese crypto – trading course – that would be an equivalent of EUR 430 million currently. Coincheck reacted by she suspended all activities on the Exchange . Although could prevent more thefts, the missing NEM and ripple but for the time being not be restored. Instead went to the Exchange on its customers and compensation for affected 260,000 users in Vista was.

Now the Japanese financial supervision in the case turns on and takes in the sights Coincheck. So, the financial services Agency (FSA) would like to thoroughly examine vulnerabilities in the Exchange and closer to make monitoring the cryptographic exchange. Improving customer safety should be at the end of this process. This assumes also Coincheck in the duty actively to shape this process. As a reason for the hack, inter alia blamed sloppy management from the Exchange operator, which made the attack possible.

The fear that stricter control of Coincheck could have even adverse effects on other exchanges or market participants grows now in the Japanese scene of crypto. So there was already regulation trade with Kryptowährungen demands for a stronger .

Japan is the world’s largest market for Kryptowährungen. The country has – actually found contrary to its Asian neighbors – a progressive and cooperation-based solution to regulate. So law was enacted in Japan last year a which should protect from misuse digital currencies, such as money-laundering activities, first and foremost. In addition, a standard was set with the know your customer (KYC) principle, which nachsichzieht a year-lasting test.


about Tobias Schmidt

 Tobias Schmidt is Tobias Schmidt since August 2017 as editor in the BTC ECHO working team. His studies in the subject of politics and Economics at the University of Münster signed with a Bachelor’s degree and was also active during his studies at the Department as a student assistant. In addition, he gained professional experience in parliamentary work and in strategic communication, before joining in the journalistic trade. Since 2017 he deals with the Blockchain technology, whereby it focuses in particular on the many different application possibilities in politics, economy and society.

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