Ontario Watchdog to Gather Info on Crypto Exchanges

According to representative of Ontario Securities Commission they received a "number of complaints" on exchanges
09 April 2018   514

Ontario Securities Commission (OSC) began to study the activities of local crypto exchanges. According to OSC representative Kristen Rose, the agency received a "number of complaints" on platforms selling cryptocurrencies that can be qualified as securities. This is reported by CoinDesk.

These platforms,  and any businesses that allow coins/tokens that are securities to trade on them, may be offside securities laws.
 

Kristen Rose

Representative, OSC

In accordance with local laws, exchanges are required to file an application with the OSC and be officially recognized. Thus, companies should document various aspects of their activities, including principles of corporate governance, commissions, necessary requirements for access to services and so on.

According to the publication, none of the platforms that are currently studying the OSC, is not legally recognized in Ontario. At the same time, the Commission notes that this is not yet a full-scale investigation, because at the moment "gathering information about [the platforms'] activities."

$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   279

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.