Japanese Crypto Exchange Error Let Buy Bitcoin for Free

An error at a Japanese cryptocurrency exchange let investors buy bitcoins for free, but none were able to profit from the mistake
21 February 2018   1616

Zaif, a government-registered exchange run by Osaka-based Tech Bureau Corp, said on Tuesday that a system glitch had let seven customers buy bitcoin with no yen value during a 20-minute window last week.

The exchange voided the trades after discovering the error, which happened on February 16 - though it was still trying to resolve the issue with one customer who tried to transfer the knock-down bitcoins from the exchange, a spokesman told Reuters.

Zaif’s operator had already faced checks after last month’s theft of $530 million in cryptocurrency from Coincheck, with regulators fearing its systems were at risk from cyber-attacks.

Zaif is one of 16 exchanges registered with the government, which last year allowed a further 16 - including Coincheck - to continue operating pending full registration.

It is said that the registered exchanges will form a self-regulatory body from April. They had originally planned to merge two existing industry bodies representing both registered and unregistered exchanges.

The body will set out rules on issues like exchange security and advertising, and will lay out penalties for members who don’t follow the policies, the Nikkei business daily reported on Wednesday.

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   114

Bitfinex Cryptocurrency Exchange has introduced a new system for fiat currencies deposits: the US dollar (USD), the British pound (GBP), the Japanese yen (JPY) and the euro (EUR). Now, the users who have completed the KYC procedure will create an application, indicating the deposit amount and currency, and the platform representatives will consider it within 48 hours.

Then, if approved, users will be sent the recipient's bank data, and the deposit itself will be credited to the account within 6-10 business days.

In this case, the minimum threshold of $ 10,000 was not abolished.

Earlier, Bitfinex had an anomalous growth of Bitcoin to the level of $ 7,788, which was associated with the possible collapse of Tether.

Nevertheless, the USDT price also stabilized, and representatives of the issuer said that the tokens were fully secured.