Coincheck Reports to Regulators over Cryptocurrency Heist

The report included Coincheck’s investigation into the heist and details of steps to bolster its risk management system
14 February 2018   978

Japanese cryptocurrency exchange Coincheck under pressure to better safeguard investors after the daring theft of $530 million (£381 million) of digital money last month, said it had on Tuesday filed a report with regulators on the hacking.

The Financial Services Agency ordered Coincheck to raise its standards after the late-January hack, directing it to submit a report on the security of its systems and measures it would take to prevent a repeat of the theft, one of biggest-ever of digital money.

The report included Coincheck’s investigation into the heist and details of steps to bolster its risk management system, Chief Operating Officer Yusuke Otsuka told a news conference.

The submission of the report came as the exchange, which froze all withdrawals of yen and cryptocurrencies following the heist, lifted curbs on yen-withdrawals after completing checks on its system’s security.

Customers withdrew 40.1 billion yen (£268.2 million) on Tuesday and the exchange would be able to meet future withdrawal requests, Otsuka said. He declined to comment on the total amount of customers’ yen still stored at the exchange.

Coincheck, which last month promised to repay about 46.3 billion yen of the cryptocurrency it lost in the theft, declined to specify when it would make the repayments.

Poloniex to Suspend Operations for Few Hours

Representatives of the exchange say users' funds will be completely safe during maintenance
21 February 2019   55

The cryptocurrency exchange Poloniex has announced maintenance, which will begin on February 22 at 22 UTC. The trading platform will be unavailable for several hours.

Representatives of the exchange claim that the users' funds will be completely safe. Technical work associated with the modernization and transition "to the best data centers, which will increase the reliability of the platform and increase uptime."

Also in Poloniex noted that the trade orders of users will not be canceled.

Recall, recently Poloniex has added to the listing of privacy-oriented cryptocurrency Grin.