![]() ![]() This story is continually developing, but here’s what we know so far. Japanese authorities don’t require a specific amount of cryptocurrency to be stored in a “cold wallet,” nor is using a “hot wallet” banned. Tokyo-based cryptocurrency exchange Coincheck was hacked in what is believed to be the largest exchange theft ever carried out. On Friday, around 523 million XEM tokens went missing, and the resultant loss sent the price of the token tumbling by 15 percent. ![]() Because Coincheck was established before the April rule, it’s been allowed to continue operating before its application completes.Ĭoincheck confirmed that the stolen XEM tokens were stored in a “hot wallet” connected to the internet, as opposed to a “cold wallet” that can be stored offline. Since then, 16 exchanges have registered, while a further 16 including Coincheck have yet to receive clearance. The regulatory agency started mandating that all exchanges register with the government last April. Japan has taken a proactive approach to cryptocurrency regulation. Any issues flagged up in the course of these hearings would lead to further investigations. It was founded back in 2012 under the name Lejupress Ltd., and two years later, in August 2014, Coincheck service started. Reuters reported that the Financial Services Agency, Japan’s regulatory body, has ordered improvements to Coincheck’s operations following the loss, while also announcing plans to hold hearings with other exchanges. The Coincheck cryptocurrency exchange recorded 33.09M in trading volume over the last 24 hours. Coincheck is another cryptocurrency exchange and at the same time, a Bitcoin wallet service located in Tokyo, Japan. The move follows a hack at Tokyo-based exchange Coincheck, which lost over $500 million worth of XEM tokens. Authorities announced a new series of investigations Monday, aimed at pushing exchanges to clean up their acts if issues are found in their processes. Coincheck is a cryptocurrency exchange and NFT marketplace, founded in 2012 and headquartered in Tokyo, Japan. Japan is cracking down on bad crypto practices. ![]()
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