Regulators Visited Coincheck Office

The Financial Services Agency of Japan inspected exchange's office due to recent hack
02 February 2018   86

The Financial Services Agency of Japan (FSA) will personally check the offices of Coincheck. This is reported by Nikkei.

Coincheck promised to pay the affected users $ 425 million, that is, about 90% of the stolen amount, which in this case is better than nothing.

The FSA, in turn, imposed a fairly mild penalty. In fact, the regulator only demanded to strengthen security measures to prevent a similar situation from happening again, and to provide a written report on the incident before February 13.

However, later the agency decided to expand the list of preventive measures and visit Coincheck offices to make sure that the exchange has the means necessary to pay the affected users, primarily in yen.

Another reason for the audit is the regulator's desire to make sure that the exchange really strengthened the security of its systems, and to find out how the hack happened at the scene of the events. As noted by Nikkei, one of the reasons for the hacking was the way of storing crypto currencies on Coincheck: NEM wallets maintained a permanent connection to the Internet, while many exchanges used cold storage to store such large sums.

This episode marks the first face-to-face check of the exchange by the Japanese regulators. Commenting on what is happening, Finance Minister Taro Aso said: "The investigation is in the interests of users." He also demanded that exchanges treat customers "properly" and report on what they do to minimize risks.

Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
21 February 2018   28

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.