After the Coincheck Hack, in which more money was lost than Mt.Gox, which happened in the past days, other crypto money exchanges based in Japan came together. After the incident on January 26, the insecurity of the exchanges was once again on the agenda and many Coincheck customers suffered serious losses at the end of the incident.
Exchanges Will Regulate Their Own Security Systems
The Japan Blockchain Association or JBA for short, convened after the event, had determined a number of basic security rules that the crypto money exchanges within it would voluntarily comply with before this hack event.. In particular, the integration of certain types of wallets into systems has been one of the issues that has been seriously underlined.. Following the hack of Coincheck and the disappearance of approximately 58 billion Japanese Yen, this set of rules came to the fore once again.
For now, 127members 15 of these members of the Federation, which is located in the federation, consist of cryptocurrency exchanges and 35 are people interested in blockchain. Cryptocurrency exchange members include crypto exchanges such as Bit Flyer, Coincheck, GMO Coin and Bitocean. Bit Flyer’s CEO, Yuzo Kano, is the representative of the federation. In the statement made by the Japan Blockchain Federation in the past days, the following statements were included:
“It is really sad that the making of wallets that will store cryptocurrencies offline has been postponed for legal reasons and such a sad hacking event has occurred. ‘
The Federation also stated that in the warning text sent to them by the Japan Financial Services Department, the Federation requested that the security systems of its member crypto exchange be reviewed. He also stated that they have started the necessary studies on the subject.. Again, in the statement made by the federation, it was stated that discussions were held with each crypto currency exchange on this subject and that the relevant exchanges reviewed and updated their security systems in preparation for a cyber attack.. Indicating that this event was a painful experience for them, Japan Blockchain Federation also made another statement and stated: We want to implement serious and strict security measures and ensure full compliance of our members.. Our only goal is to create a safer and more comfortable cryptocurrency trading environment together.”
Japanese Authorities Are Concerned About Coincheck
One of the major newspapers in Japan
Japan Times, Japan’s Financial Services Service sent a warning text to Coincheck prior to the January 26 hack.. The text urged Coincheck to address security issues and explore ways to better protect customers’ assets.. Despite this warning, the theft of 58 billion Japanese Yen NEM Tokens from the stock market caused the institution to react seriously.. Journalists, speaking to Japan’s Financial Services Service officials on the subject, stated that they received the following response:
“Last August, as an institution, we held a series of meetings with representatives of cryptocurrency exchanges and asked them how customers store their earnings.. Coincheck, like other cryptocurrency exchanges, sent us a form in September and we identified some security vulnerabilities in that form.. We told the company to fix this. Security systems needed to evolve. This incident is very sad.”
Japan Financial Services Service is the institution responsible for approving the official registration of cryptocurrency exchanges in the country.. According to Japanese authorities, it normally takes about two months for the institution to officially approve a cryptocurrency exchange.. Although Coincheck submitted the aforementioned formin September, it has not yet been officially registered.. This shows that the situation is unusual because 4 months have passed since the relevant form was filled in.
According to Reuters, the institution is not aware of what happened from Coincheck officials. He requested a detailed report on the hacking incident and set February 13 as the deadline for the report to be submitted.. At the same time, while the security reports of other crypto currency exchanges are expected to be examined, it was stated that the Japanese police started an investigation regarding the hacking incident.
Join our Telegram channel to be informed about all developments and posts!