Coincheck falsely explained security to customers, says industry group head

Cryptocurrency exchange Coincheck’s signboard is pictured in front of a building where their office is located, in Tokyo January 29, 2018. — Reuters picCryptocurrency exchange Coincheck’s signboard is pictured in front of a building where their office is located, in Tokyo 29, 2018. — Reuters picTOKYO, Jan 31 ― Japanese Coincheck made false explanations to customers about its security system before suffering one of the world’s biggest cyber heists, the head of a major cryptocurrency industry group said today.

If similar problems had occurred in securities or currency margin trading the authorities would have halted the exchange’s operation, Taizen Okuyama, head of the Japan Cryptocurrency Business Association, added at an industry event.

Officials at Coincheck were not immediately available for comment.

Japanese authorities said on Monday they would investigate all cryptocurrency exchanges in the country for security gaps and ordered Coincheck to raise its standards after hackers stole US$530 million (RM2.06 billion) of digital money from the Tokyo-based exchange. ― Reuters



Source: The Malay Mail Online





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