The FSA has come under fire for allowing 16 exchanges, including Coincheck, to operate while they await a decision on their applications under a revised licensing system introduced last year. Otsuka said Coincheck will comply with the order. The government watchdog told Coincheck to revise its management structure, improve anti-money laundering procedures and submit a report by March 22. Still, with NEM trading at such a steep discount since the January attack, that means the hackers now own a stash worth considerably less than what the victims stand to receive in compensation.Įarlier on Thursday, the Financial Services Agency ordered Coincheck to make further improvements and penalized six other exchanges. NEM prices rose as much as 7 percent after the exchange said it will start compensating users. Since the theft, NEM prices have plummeted and were trading at about 30 cents before Coincheck’s announcement on Thursday. Koichiro Wada, chief executive officer, said the exchange made enough money from spread trading to fund the payback, which amounts to 88.549 yen for each of the 523 million stolen NEM coins. Two days after the hack, Coincheck announced it would use company funds to reimburse all of those who lost money in the theft. Customers have withdrawn about 60 billion yen ($566 million) in cash since the incident, he said. Yusuke Otsuka, Coincheck’s chief operating officer, told reporters that the exchange has bolstered its security measures and is working to compensate users.
It still isn’t clear who was behind the attack, although there are signs that some of the funds are starting to show up on other exchanges. Gox thief made off with approximately 850,000 bitcoins, worth roughly 450 million at the time.
#Coincheck crack#
Since then, Japan’s Financial Services Agency has taken steps to crack down on exchanges. Gox as the biggest cryptocurrency exchange hack in history. That made it one of the biggest heists in history, raising questions about security of cryptocurrencies around the world. The hackers, who gained entry into Coincheck’s systems using malware on an employee’s computer, made off with about $500 million worth of digital tokens.
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