Regulators Visited Coincheck Office

The Financial Services Agency of Japan inspected exchange's office due to recent hack
02 February 2018   535

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.

Sparkpool to Freeze $300k Reward

As reported, pool suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund
20 February 2019   68

The Sparkpool mining pool decided to freeze the remuneration in the amount of 2,103,1485 for the extraction of block # 7,238,290. The management of the organization suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund, CoinDesk reports.

The head of the Sparkpool Xin Xu argues that users of the pool understand and agree with the decision, given the size of the amount involved.

Unfortunately, and fortunately, blockchain is so far not completely run by machines; human are still involved. So we have an opportunity to correct the problem. Integrity is our pool’s priority.

Xin Xu

CEO, Sparkpool

While some users suggested that a large commission was paid by mistake, others admitted that this could be a goodwill gesture from an anonymous donor to the community of the miner or even an attempt to launder money through the blockchain cryptocurrency.