Japan Trust Banks to Protect BTC Investors in a New Way

Japanese trust banks are going to protect crypto investors' assets from hackers and exchange bankruptcies
12 February 2018   998

Japanese trust banks plan to offer new ways to protect crypto-currency investors by managing the digital assets of exchanges. This is reported by the Nikkei Asian Review.

Such services, as financial institutions consider, will ensure the safety of clients' funds even in the event of bankruptcy of exchanges.

Traditionally, Japanese trust banks are engaged in lending and receiving savings, as well as carry out trust operations, usually with property or pension funds.

Now they can expand the range of services offered, covering the cryptocurrency industry. According to the plan, users of crypto exchanges will continue to trade transactions on them, but banks will manage the funds. The exchanges themselves will become just intermediaries between traders and financial institutions.

The first who is expected to implement such an initiative in April, will be Mitsubishi UFJ Trust and Banking. In addition, Sumitomo Mitsui Trust Bank also plans to provide similar services.

The new law on payment services, which took effect in April last year, requires that exchanges manage user funds separately from their own. However, many Japanese crypto-exchanges are small start-ups with limited investment opportunities, and often they consider users' means as their own. And the latest incident with Coincheck, the second-largest crypto exchange in Japan, has shown that large platforms are also at risk, whose capabilities in terms of providing protection are much broader.

Guarantees for the return of funds to investors in the event of fraud, burglary or bankruptcy, as a rule, are not provided, and this is exactly what Mitsubishi UFJ Trust and Banking wants to solve. The current legislation requires that trust banks manage assets separately, and in the case of crypto-exchanges it is assumed that users' funds will be stored in "cold" wallet without connection to the network. In addition, the bank will create numerous keys to online purses - this will help prevent unauthorized access and withdrawal of large amounts.

It is assumed that cooperation with trust banks will help exchanges make transactions more secure, but there are also fears that they can become more lengthy. Nevertheless, as the incident with Coincheck showed, the issues of security and safety of customer funds are increasingly coming to the fore.

Craig Wright to Claim to be Satoshi Again

He explained that the false information surrounding Bitcoin and blockchain-derived systems made him come out of the shadows
18 February 2019   46

A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document he did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto.

My name is Dr. Craig Wright and under the pseudonym of Satoshi Nakamoto I completed a project I started in 1997 that was filed with the Australian government in part under an AusIndustry project registered with the Dept. of Innovation as BlackNet. Ethereum is a poorly designed copy of bitcoin designed with the purpose of completing the promise of smart contracts and scripting that were delivered within bitcoin but which were hobbled by the core developers of bitcoin who sought to enable anonymous transactions to exist within the system. 
 

Craig Wright

"Satoshi"

Earlier in February, the “self-proclaimed Satoshi Nakamoto” announced that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

In October 2017, Craig Wright made a mistake confirming that he was not Satoshi Nakamoto.