Japan to Inspect All Crypto Exchanges After Coincheck Hacking

January 29, 2018

Japan to Inspect All Crypto Exchanges After Coincheck Hacking

Japanese Financial Services Agency (FSA) initiated inspecting all local crypto exchanges. Recent Coincheck trading site hack was the main premise for doing so.

Last Friday intruders stole about $534 mln in NEM tokens.

The body ordered the exchange representatives taking all necessary measures to settle the problem with users affected and submitting a report on the incident by February 13.

As the FSA experts, the cause for the case could be improper system risks spreading within the company.

Additionally, Coincheck Director Yusuke Otsuka claimed on Sunday, all NEM holders will have their funds recovered in yen at the company’s expense. He also noted, the exchange hasn’t detected converting stolen coins into fiat and conducts intense investigation of the crime.

Let us remind you that last April Japanese crypto platforms had to pass licensing procedure. To date 16 local exchanges have been registered with Coincheck the first among them.

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