Japan Announces Punishment for Crypto-Theft!

Hackers have stolen digital assets worth nearly half a billion Euros. The stock exchange operator will probably be responsible.

Japanese authorities announced a penalty against crypto exchange Coincheck, captured in the hacker digital assets worth the equivalent of about 430 million Euros. The financial market regulators would announce the punishment this Monday.

Coincheck is one of the most important trading venues for digital assets and the damage of 58 billion Yen is one of the largest hackers ever in the sector. Coincheck had suspended the payout of nearly all cryptosystems after the incident on Friday. On Sunday, the stock market announced that it would compensate its approximately 260,000 affected customers for a large part of the losses.

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According to insiders, regulators warned Japan’s nearly 30 crypto-exchange operators about possible further hacker attacks on Sunday. And they also asked for higher security measures.

After the theft when stolen NEM-type coins had been stored in a so-called “hot wallet” rather than a safer “cold wallet” outside the Internet, Coincheck had justified this with technical difficulties and lack of staff.

In 2014, a cyber attack had driven Mt. Gox, once the most important Btcoin trading center, to bankruptcy. At that time about 850,000 disappeared.

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