Japanese Crypto Exchanges Required to Strengthen Security

Minister of Finance of Japan, Taro Aso, requested cryptocurrency exchanges to strengthen cybersecurity following the $530 million hack of XEM from Coincheck exchange
31 January 2018   634

Speaking to reporters after the Cabinet meeting, the Minister of Finance required the strengthening of management systems at domestic cryptocurrency exchanges, calling regulators to monitor the ecosystem in order to protect consumers.

In his opinion, illegal access, which caused a massive outflow of cryptocurrency from Coincheck is a great regret. He also believes that the Financial Services Agency should subject mandatory control to cryptocurrency traders in order to protect users.

A balance is needed between the promotion of innovation and the protection of consumers on cryptocurrency exchanges.

Previously, Taro Aso criticized the excessive regulation of cryptocurrency.

The comments of the Minister of Finance followed FSA’s statement on Monday. The regulator said that the investigations of all exchanges of cryptocurrencies, including on-site inspections, are necessary, and ordered to improve Coincheck's cybersecurity.

As previously reported, Coincheck executives confirmed that they stored currency in a hot wallet, which was compromised.

Unlike cold wallets, hot ones are subject to unauthorized access.

After the hack, Coincheck president Koichiro Wada said that it was difficult to manage cold wallets for technical reasons.

On Monday, Japan’s primary financial diplomat Masatsugu Asakawa noted that the regulation of the cryptocurrency will most likely be discussed in March among the G20 finance ministers and central bankers in Argentina.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   90

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.