New CEO to be appointed at Tokyo Financial Exchange

Japanese futures exchange - Tokyo Financial Exchange (TFX) declared Nobuyuki Kinoshita will take over from outgoing CEO Shozo Ohta at the end of June
08 June 2018   470

Shozo Ohta will be replaced by Nobuyuki Kinoshita (he is presently with Aflac Life Insurance Japan). Ohta’s departure and Kinoshita’s appointment will first have to be authorised by shareholders at the general meeting on the 26th of June. This announcement goes after a positive month of trading for TFX. The volumes significantly increased in FX as Japanese investors put their money into the Turkish Lira. Exept for an April dip in trading, driven by volatility shortering, the company has recommended itself well in 2018.

As supposed, Kinoshita will enter a company that does not need any crisis management but demands a reliable chief to provide it maintains its current performance levels. Kinoshita should be up to the task if mention his wealth of experience. 

He has worked for the past four years in the Japanese division of American insurance giant Aflac. Within this period of time, he acted as senior advisor of the firm and was responsible for investigations and disseminating information on the Japanese financial system. Before this, Kinoshita was Secretary General of the Securities and Exchange Surveillance Commission (SESC). The SESC operates a regulator for the securities and futures markets in Japan.

The outgoing TFX CEO has been in the sphere of financial services for almost 50 years. He was employed since TFX in 2002, when the company was still known as The Tokyo International Financial Futures Exchange. He has kept his present function for about 10 years, having been appointed as CEO in 2009.

$60M Stolen From Zaif Exchange

As a result of the attack, which occurred as early as September 14, 4.5 billion yen owned by its users were stolen from the hot wallets of the exchang
20 September 2018   296

Hackers were able to steal almost $ 60 million in cryptocurrencies from the Japanese crypto-exchange Zaif, Cointelegraph reports.

As a result of the attack, which occurred as early as September 14, 4.5 billion yen owned by its users were stolen from the hot wallets of the exchange, as well as 2.2 billion yen, which was the company's assets. Thus, the total loss of Zaif amounted to 6.7 billion yen or about $ 59.7 million.

Tech Bureau Inc, which is the operator of Zaif, in a press release says that it found a server error on September 17, after which the input / output of funds on the exchange was suspended. September 18, the company realized that the error was caused by a hacker attack, and reported the incident to the Financial Services Agency of Japan. Hackers stole 5,966 bitcoins, as well as assets in Bitcoin Cash and MonaCoin.

According to Tech Bureau Inc, Fisco Digital Asset Group will help to partially compensate for the damage caused to users by providing 5 billion yen ($ 44.5 million). Tech Bureau agreed with Fisco to dismiss more than half of its directors and corporate auditors, and Fisco in turn will become its main shareholder.

Earlier this year, Zaif already recognized the existence of a "system malfunction", using which, the clients of the exchange were temporarily able to credit trillions of dollars in their accounts with bitcoins.