Published On: Fri, Feb 2nd, 2018

Japanese Authorities Raid Hacked Coincheck Exchange

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Japan’s Financial Services Agency raided the offices of the hacked Coincheck cryptocurrency exchange to see if they had adequate funds to repay customers.
The recent hack of the Coincheck cryptocurrency exchange in Japan sent a shock wave through the crypto world. The total value of the loss was staggering, coming in at around $530 million. The Financial Services Agency (FSA) originally gave the exchange essentially a slap on the wrist, but due to the seriousness of the situation, FSA regulators raided the offices of Coincheck today.

Knock, Knock
After the hack occurred, the exchange publicly stated that they would refund $425 million back to the 260,000 users who had been affected. This represented about 90% of the funds stolen, but getting back 90% is far, far better than getting nothing back at all.
The Financial Services Agency came out with a pretty light punishment for the exchange. Essentially, they were told to put in safeguards to ensure that such hacks would not happen in the future and to submit a written report about the hack by February 13th to the agency.
Who’s There? FSA!
It seems that the FSA decided to be a little proactive, which makes sense in light of …

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