![]() ![]() “I don’t think most of the crypto exchanges can keep up. The hack made life very difficult for all exchanges to function in Japan as security requirements went up and costs of compliance increased as well. The pressure of regulatory restrictions was piling up on all the other exchanges, as all such exchanges and firms now had to make sure their activities complied with regulatory norms. In order to re-launch the exchange, Katsuya mentioned that Coincheck had to convince the JFSA and give them assurance about improved cybersecurity and internal controls. So, we need to be very careful to safeguard these things.” Crypto exchanges hold everything: customer information, customer fiat money, and customer crypto. “Crypto-exchanges function like a kind of bank. Even though virtual assets are decentralized on a global scale, the same structures do not necessarily apply to exchanges. The President also stated that the hack was a reflection of the realization that the cryptocurrency market was ridiculously vulnerable to acts such as these. I think people were astonished by the amount.” We still don’t know who the hackers were. “Coincheck, with over $500 million stolen, was the biggest hack since Mt. Katsuya said that regulations were extremely rigid post-hack and an effort was made to restrict the development of fintech industries. However, this wasn’t the case after the exchange was hacked. In 2017, Japan was recognized as a crypto-friendly nation after famously declaring Bitcoin as a legal form of currency under their jurisdiction, with the government granting licenses to 16 cryptocurrency exchanges. The cryptospace in Japan was completely different post-hack and Coincheck has played a huge role in it. In a recent interview with longhash, Toshihiko Katsuya, President of Coincheck, looked back at the incident and listed the implications that followed the largest cryptocurrency hack in history. It was a while before Coincheck made a remarkable comeback and obtained its license to resume crypto-operations in the country. The hack had a significant effect on the Japanese crypto-industry, with regulatory authorities emerging deeply disturbed after the incident. In 2018, the Japanese exchange Coincheck was a target of the largest cryptocurrency hack in history, recording a loss of over $500 million. Gox episode was not the worst one in the industry. One of the largest hacks in the crypto-ecosystem was recorded by Mt.Gox exchange back in 2014, with the exchange losing over $450 million worth of digital assets. Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.The cryptocurrency ecosystem isn’t averse to cases of serious financial crimes, including hacks which have often plagued cryptocurrency exchanges around the world. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 26, the Coincheck hack: The exchange’s users lost 530 million worth of NEM tokens in the second largest crypto heist in Japan after Mt. ![]()
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