Coincheck is in trouble
Japan is the center point for Cryptocurrency. The country recognized Bitcoin as a legal payment method in April 2017. Unfortunately, Japanese Cryptocurrency exchange had experienced worst ever Cryptocurrency hack. Mt. Gox to Coincheck, Exchanges lost almost $1 billion worth of Cryptocurrency. Recent hacking incident shaken up the regulatory authority.
Coincheck, A Japanese Cryptocurrency Exchange, Has lost $530 million worth of NEM token from its exchange. Coincheck announced that it will reimburse the lost cryptocurrency. After the hacking incident, Japanese regulatory authority becomes more critical about the safety and security of Cryptocurrency exchange.
Now, All crypto exchanges in Japan must submit a risk management report to the Financial service authority. This is good for the investors. Repeated hacking incidence impact investors trust. As Japan is the forefront of Cryptocurrency, Japan's government should take stern action to prevent further hack
Bad News for Coincheck
As I mentioned earlier, Coincheck lost $530 million worth of NEM token, Traders of Coincheck will file a lawsuit against Coincheck. Coincheck freezes crypto withdrawing which angered the traders. Now they are planning to file a lawsuit against the decision.
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Japan is a technologically advance countries. Unfortunately, all the biggest crypto hack has happened with Japanese exchange. Hopefully, They will be more careful and ensure the security of the investors.
thanks sir for this news sharing
carry on sir with this valuable blog
that is appreciated
Thank you for your reply.
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