Money

Clampdown On Cryptocurrency In Japan After £379m Cyber Heist

January 30, 2018 10:20·
Yusuke Otsuka angry investors

Yusuke Otsuka angry investors

World leaders meeting in Davos last week issued renewed warnings of potential dangers from cryptocurrencies, with U.S. Treasury Secretary Steven Mnuchin highlighting Washington's concerns over digital money being used for illicit purposes.

Following an order from Japan's Financial Services Agency, the exchange will have to beef up security measures and submit a report on what went wrong.

This notice is to announce that a reparations policy towards the approximately 260,000 users affected by the recent illicit transfer of NEM from the cryptocurrency exchange platform Coincheck, run by Coincheck, Inc. (A cold wallet, by contrast, is offline and therefore much harder to access, while a multi-signature wallet would require approval from multiple authorities before releasing funds.) He went on to explain that the exchange's hot wallet "basically had an exposed API and probably an exposed private key".

"This incident showed that the problem has not been solved at all".

NEM fell to US$0.78 from US$1.01 on Friday but recovered to US$0.95 by Monday evening, according to CoinMarketCap.

Many exchanges are still new and lack sufficient safeguards.

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"All cryptocurrencies will now be tainted in their minds, so there may be a mid-term negative impact", said Genki Oda, president of BitPoint Japan.

Through the hacking early on Friday, nearly all amounts of the NEM cryptocurrency handled by Coincheck were lost, with about 260,000 customers affected.

Members of a Japanese girl pop group, the Virtual Currency Girls, said on Monday they had refused an offer to be paid in yen and would stay loyal to cryptocurrencies despite a $530 million (roughly Rs. 3,300 crores) cyber heist jeopardising their chances of getting paid.

"When I think about the damage that's been done to other people, (my loss) isn't bad at all", he said.

In 2014, Japan's Mt. Gox, which once handled 80 percent of the world's Bitcoin trades, filed for bankruptcy after losing around half a billion dollars worth of Bitcoins. Since the happening, NEM, the company based in Singapore, has assured it's been tracking the stolen coins, which the hackers have neither exchanged, nor deposited to a private account.

Last month, South Korean exchange Youbit shut down and filed for bankruptcy after being hacked twice.

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