Financial regulator punishes 7 cryptocurrency exchanges after hack

It seems a little bit reactionary and counter-productive the orders.

One of the things I found most worrying is that, start-ups which have a good security record, like Zaif, which uses Multi-sig and Cold-wallets for their NEM funds, which would have made impossible for hackers to hack Zaif, have been ordered to "improve their business practices" because Zaif transaction server sometimes goes down when the market volume is too high, but Kraken, which was completely unusable for most of last year, had a lot of troubles with registration, deposits and withdrawals get a pass.

Also, Coincheck should have received a temporal suspension, and an order to return all non stolen funds to their clients, which they have withhold for over a month without their permission.

Earlier this week JT posted an article about these cryptocurrency exchanges wanting to regulate themselves, I think they see this as a get rich quick scene. Seems these companies need continuing regulation.

It’s a lot more of a problem for people seeing their coins disappear without any redress so the exchanges should get punished.....

Japan's misguided stance on being welcoming to crytpos is falling apart. It can no longer afford to be smug about the crackdowns by China and Korea. Time for Japan to follow those countries' examples.

Not as sincere a bow as Kobe Steel

ok.......maybe these companies deserved this, I don't know enough about it to properly assess......

But one thing strikes me here, and that is the swiftness of this going down....

So my question is why doesn't this happen with the likes of Olympus & other large Japan Inc offenders........ oh wait I think I know the answer

We have multiple systems of "legality" here in Japan, messed up

On TV those two look about 17 years old. Credit to them for creating something that some people will bet on. They must have been loving the ride until the old adage, 'Nothing lasts forever' bit them in the posterior.

Won't be surprised to see some of these "Exchanges" merging operations.