Coincheck Inc, which happens to be a Japanese cryptocurrency exchange sometime back, reported the theft of about $530 million of digital money. It was last Tuesday when it proceeded to file a report with the regulators in line with the hacking that just occurred. Pressure is at the moment emanating from all sides on the great need for Coincheck Inc to move ahead and better safeguard all the investors it serves.
The Financial Services Agency issued out an order to Coincheck asking it to act with speed towards ensuring that it raises its standards to make sure that what happened in January won’t be repeating itself again. In its statement, it ordered Coincheck to move ahead and submit its report on the measures it sought to put in place towards ensuring that a similar case never repeats itself ever again. In the same line it was also supposed to submit a report on the overall security of all its systems.
The report covered the investigation of Coincheck with particular regard to the details of steps to lift higher its risk management system to make sure the investors are secured.
A person familiar with the matter said, “The exchange, which froze all withdrawals of yen and cryptocurrencies following the heist, said last week it had confirmed the integrity of its system security and would from Tuesday allow customers to withdraw yen.”
Other reports indicate that Coincheck received a large number of withdrawal requests from customers adding up to about 30 billion yen ($280 million).It is worth noting that the exchange will soon be holding a press conference and much is expected to come out of it especially on the way forward. Several journalists moved out in an effort to get Coincheck to comment in relation to the matter. It turned down their request.
One rather notable thing is the fact that the heist ended up exposing quite a significant number of flaws in Japan’s system of regulating cryptocurrency trading. There were also several questions raised along the lines of the country making a dash to oversee the industry.
