![]() ![]() Virtual currencies have come under fire from traditional banks, politicians and authorities, who are all calling for more regulation and have warned investors to be careful of investing in cryptocurrencies. ![]() Roughly 10,000 businesses in Japan apparently already accept bitcoin as a payment method. Japan is a leading market for cryptocurrencies, with nearly one-third of all December transactions of the popular virtual currency bitcoin denominated in yen, according to specialist website. Read more: Initial coin offerings - what are they?Ĭoincheck said it would use its own funds to reimburse around 90 percent of the coins lost. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 videoĪ so-called cold wallet, however, is preferable, as they are not connected to the outside world and are thus less vulnerable to fraud. ![]() Customers' assets were kept in what's known as a hot wallet, which is connected to external networks. The hacker took advantage of Coincheck's lax security protocols. It was more than the $480 million in bitcoin stolen from Japan's MtGox exchange in 2014. Last Friday, $530 million (€427 million) worth of the cryptocurrency New Economy Money (NEM) – the 10th biggest worldwide - were lost when hackers managed to get hold of the virtual coins. Read more: South Korea prepares cryptocurrency trading ban Read more: Bitcoin, cryptocurrencies - how do they work? Police were also going to look into the incident, the Kyodo news agency reported. Japan's finance minister, Taro Aso, told parliament on Monday that the government would take "necessary administrative measures, including an on-site inspection." "While examining the cause of the incident and taking necessary measures, we want the ministries and agencies concerned to urgently study what further measures we'd need," he told reporters.Īt a briefing on Monday, the FSA said it would look into all crypto exchanges to detect security weaknesses. Japan's Financial Services Agency has imposed a "business improvement order" on Coincheck, one of the country's biggest virtual currency exchanges, government spokesman Yoshihide Suga said on Monday. ![]()
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