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.