PRESS RELEASE: Japanese Regulators Responding to Zaif Hack $60 million

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Earlier this Friday, on September 21, 2018, Japan’s Financial Services Agency released a statement towards $60 million Zaif Hack . Reports revealed that the investigation on security procedure at cryptocurrency exchange, Zaif is already put in place.

According to the reports, officials are already sent two warnings to Zaif cryptocurrency exchange but unfortunately, the firm has failed to comply the same. However, Zaif is likely to receive yet another warning.

The official statement released by local media, Mainichi Shimbun reported that;

The FSA inspected the company’s base in Osaka on the same day in order to confirm the circumstances…We will examine in detail the [exchange’s] safety management system etc.

On the other hand, the news outlet also notes that the simultaneous survey on property management situation of all operators operating cryptocurrency exchange was conducted.

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Cryptocurrency exchange in Japan has been the center of attention since mid-2017. The country has 16 exchanges that are registered with the FSA. Beside Zaif, Japan has also hit by Coincheck hack earlier this year but regulators seem lenient on it. In addition, it is still unclear whether or not Zaif is able to reimburse clients who lost in the exchange.

Japan’s finance minister, Taro Aso also commented on the hack event;

“It is regrettable that virtual currency of about 6.7 billion yen was stolen, via illegal access, from the virtual currency exchange company Tech Bureau.” Said Aso, “We will look at the facts and take the necessary responses for user protection.”

The same day of Zaif hack, Japanese police pointed that over $540 million has been stolen by hackers through 158 separate attacks until mid-2018.

In addition to regulatory inspection, the self-regulatory body advised exchanges to inspect their system. Consequently, various cryptocurrency exchange in Japan is also focusing on internal inspection of the trading activities and overall platform.

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