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Japan’s Cryptocurrency Hack : Coincheck Have Recovery Plans

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You all must be aware of the Japanese Cryptocurrency Exchange Hack which was in news very recently. Coincheck has submitted a report to the country’s financial authority regarding this. The report contains the outlines that the company is going to follow to the 58 billion yen loss caused by this hack. Although the company has the recovery plans to cope up the loss occurred due to this hack still the investors are pulling back their legs from this issue. The customers with drawled 40.1 billion yen from their funds as per the statement generated by exchange services.

The report submitted by Coincheck to the Japanese Financial Services Agency (FSA) consisted an order of measures in order to improve business operations. The key areas of improvements highlighted in the report were:

  • Investigation of the facts and causes that resulted in such an event in the company.
  • Providing proper and regular to the customers who were the victim.
  • Modifying and strengthening the current safety and security measures to reduce and monitor further risks.
  • Specifying and creating some more new measures in order to manage the system risk and taking precautions to eliminate the risk of occurrence of similar events in future.

The exchange noted down in the report that they are planning to make some meaningful improvements in their system. But on the contrary of this, the company failed to win the trust of the customers and thus a huge number of them went for withdrawing their funds. The COO of Coincheck mentioned in the report that ‘the exchange would be able to meet future withdrawal requests of the customer’. On the other hand, he also declined to mention the total number of customers’ yen still restored at the exchange. Apart from this, the exchange has also promised to repay 260,000 but the timeframe has not been released yet.

 

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