Regulators Visited Coincheck Office

The Financial Services Agency of Japan inspected exchange's office due to recent hack
02 February 2018   252

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 auditĀ 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.

Consensus 2018 summit to be held in New York City

4th annual blockchain technology summit - Consensus 2018, will take place in New York City on May 14-16
22 April 2018   41

CoinDesk has announced its 4th annual blockchain technology summit Consensus 2018 on May 14-16 at the New York Hilton Midtown. Along with the discussions on the blockchain technology, the event is going to feature a hackathon, PoW pitch competition and a scholarship award in a partnership with Zcash. Title sponsors of the event include bloq, Deloitte, Ledger, Octagon Strategy and SONM.

Consensus 2018 will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy. Among the notable speakers there will be Blockstack co-founder Dr. Muneeb Ali, J.P.Morgan blockchain program lead Amber Baldet, eToro CEO and founder Yoni Assia, Hyperledger executive director Brian Behlendorf, ConsenSys founder Steve Cerveny, Athena Capital founder Meltem Demirors and many others.

The full 3-day agenda of the event can be found here.