Japan to punish hacked cryptocurrency exchange Coincheck

TOKYO, JAPAN (JANUARY 29, 2018) (REUTERS) – Japan’s financial regulator plans to slap an administrative punishment on cyrptocurrency exchange operator Coincheck Inc on Monday (January 29), the top government spokesman said, after the firm lost 58 billion yen ($534 million) worth of NEM coins to hackers.

Tokyo-based Coincheck on Friday (January 26) suspended trading in all cryptocurrencies except bitcoin after the theft of NEM coins in one of the biggest-ever losses of digital money to hackers. It said on Sunday (January 28) it would return about 90 percent with internal funds, though it has yet to figure out how or when.

The Financial Services Agency (FSA) will issue a business improvement order to Coincheck later on Monday, Chief Cabinet Secretary Yoshihide Suga told a regular news conference.

The theft, which is one of the biggest-ever thefts of digital money, underscores security and regulatory concerns about bitcoin and other virtual currencies even as a global boom in them shows little signs of fizzling.

Associated Links

  • Coincheck
  • Economy
  • Modern currencies
  • Currency
  • Blockchains
  • Cryptocurrencies
  • NEM
  • Volunteer computing
  • Japanese yen
  • Financial Regulator
  • Japan