Sentences with phrase «of coincheck»

During a press conference following the suspension of activity, CoinCheck executives revealed several details about the hack and specifically the infrastructure of the Coincheck cryptocurrency exchange.

Yuji Nakamura, a technology reporter based in Japan, reported that the Coincheck trading platform had not implemented multi-signature technology, stored all of the hacked funds in a hot wallet, and that the developers of Coincheck were still not sure how the exchange was hacked.

The malpractice of Coincheck of storing funds in a hot wallet and not implementing a multi-signature system ultimately led to the loss of user funds.

A purchase of Coincheck by Monex, which owns

Confirmation of the Monex acquisition of Coincheck,...

Nick Chong · April 5, 2018 · 3:00 am Monex Group's recent announcement of an acquisition of Coincheck has been approved by both parties.

At the same time, Japanese regulator the Financial Services Authority (FSA) acted on the results of its own investigations of Coincheck and other cryptocurrency exchanges, ordering several to cease trading altogether.

After completing its first round of inspections, the FSA reportedly fears a repeat of a Coincheck - style hack after discovering a multitude of concerns in customer protection and anti-money-laundering measures.

A purchase of Coincheck by Monex, which owns U.S. - based online brokerage TradeStation, could be considered a significant bullish signal for the cryptocurrency market.

Experts in Japan have been highly critical of Coincheck's continued use of hot wallets and failure to apply multisignature technology in the lead - up to the hack.

Takuro Mizobe, one of Coincheck's lead engineers, told CoinDesk the company was in negotiations with several online merchants who had contacted the company, looking for the marketing edge they would potentially gain by accepting bitcoin.

Oddly enough, it was nearly on the very day of the Coincheck cyberattack when a subsidiary of Monex Group set up the «Monex Cryptocurrency Laboratory».

At the time of this writing, certain portions of the Coincheck site were not accessible throwing a cloudfront error.

Hours before the Coincheck team admitted to a hacking attack, many members of the cryptocurrency community released evidence that hundreds of millions of dollars worth of NEM were moved from the wallet of Coincheck to external wallets.

The announcement assured customers that their money will remain protected, but if the NEM tokens remain lost, all the amount that is paid as the refund will be given in the form of Coincheck losses.

McDonald further said that «We also have a full account for all of Coincheck's lost XEM (NEM) on the blockchain.

But, because the security breach was caused by the lack of strong security measures of Coincheck, the NEM development team rightfully refused to conduct a hard fork.

According to their statement, more than half of Coincheck's 80 permanent employees work on systems development, including security.

NEM, its open - source development community, and the NEM Foundation did not have to develop the tagging system for the benefit of Coincheck, specifically because stolen funds on the NEM blockchain network would still have circulated around the network even if they are not recovered.

The agency began inspecting all crypto exchanges after the hack of Coincheck, one of Japan's largest crypto exchanges.

With the experience of the Monex group in online brokerage and the hands - on experience of Coincheck in cryptos, do you think Coincheck operations will be better and can clients expect enhanced security?

After the word spread of Coincheck operations being taken over by Monex, Monex Group shares rose to 23 % on the Tokyo stock exchange.

Monex was also cited as saying it hopes to hold an IPO of Coincheck shares at a future date — a move that would be a first for a Japanese cryptocurrency exchange.

Most notably, the recent hack of Coincheck sent a shock wave through the crypto world — with roughly $ 530 million in funds stolen from the Japanese cryptocurrency exchange.

And yesterday, a news report suggested a group of cryptocurrency exchanges is teaming up to form a new self - regulatory body in the wake of the Coincheck breach.

On January 26, 526 million XEM were reported missing from wallets on the Japanese cryptocurrency exchange Coincheck due to a massive security breach of the Coincheck wallet.

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.

Mimura, the former CEO of Nippon Steel, a Japanese steel producer, complained that the number of users who were speculatively trading in cryptocurrencies was increasing fast, and questioned the integrity of both Coincheck and the country's cryptocurrency investors.

However, the hack of Coincheck has made the agency debate whether to allow the registration of quasi-operators of cryptocurrencies.

On Friday, the agency conducted an on - site investigation of Coincheck.

Shares in Monex Group jumped 23 % off news of the Coincheck buyout, hitting their daily limit of 424 yen, and coinciding with bitcoin climbing $ 400 as the cryptocurrency markets returned to green.

Chosun also quotes Lee Keun - hee, a professor of business administration at Sogang University, as saying, «If cryptocurrency exchanges currently operate outside regulatory systems, that means there is no way for investors to be compensated in the event of a Coincheck - like hack on a Korean exchange.

NEM, still suffering under the weight of Coincheck's $ 530 million hack, declined by eight percent to $ 0.87 to round out the top 10.

In a statement published Mar. 19, the NEM Foundation informed its community that it had disabled the tracking mosaic used to monitor the movement of XEM funds tied to the massive heist of Coincheck in January.

The news comes days after it was announced that the FSA will conduct on - site inspections at 15 unlicensed cryptocurrency exchanges in light of the Coincheck theft.

Earlier this month, a meeting of Coincheck victims was held in Tokyo; approximately 35 users attended as well as three lawyers from the law firm Authense.

The CEO said that they share in the frustration, sense of loss and violation of Coincheck and the investors.

The news of Monex Group's acquisition of Coincheck sent the company's share price way up, showing an increase of almost 20 percent by traditional market's close on April 6.

The management reshuffle will also see Monex COO Toshihiko Katsuya take over as president of Coincheck, with Monex Group president Oki Matsumoto joining Coincheck's new board.

Under Australia's current laws, a major hack of a cryptocurrency exchange will be met with similar challenges as those facing the Japanese authorities in the wake of the Coincheck theft.

Japanese authorities are threatening to prosecute the operators of Coincheck for their failure to comply with the new laws.

An association of Coincheck's victims was also established at the meeting.

The exchange says that a temporary suspension of JPY operations was put in place to protect the assets of Coincheck customers.

In their online apology, the operators of Coincheck have admitted that the hacked deposits were in a «hot wallet» (connected to the internet instead of being offline) and that this was due to «staff shortages».

And while the future of Coincheck can not be determined with any certainty, as the FSA sends out a string of business improvement and halt notices to crypto exchanges, perhaps Monex Group's support of Coincheck will lend the security that the exchange needs to overcome the blows to both the company's finances and reputation caused by the massive hack.

Monex's acquisition of Coincheck will take place on April 16, and while Coincheck founders Koichiro Wada and Yusuke Otsuka will leave their CEO and Director positions, they will remain connected to Coincheck as operating officers.

7 customers of Coincheck have filed a lawsuit against the company at the Tokyo District Court.

Toshihiko Katsuya, Monex's managing director and senior executive officer, will become president and representative director of Coincheck.

NEM has been lately in the news because of the Coincheck exchange hack.

Update: On April 6, 2018, Monex agreed to purchase 100 percent of Coincheck for around $ 34 million.