Home News Exchange Japan Regulatory Body FSA Tells Off Hacked Cryptocurrency Exchange Zaif on ‘Lack...

Japan Regulatory Body FSA Tells Off Hacked Cryptocurrency Exchange Zaif on ‘Lack of Details’

September 26, 2018 14:11
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Source: btcearn
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Last week, Japanese cryptocurrency exchange, Zaif had announced that it had been robbed off of 6.7 billion by an unauthorized internal breach, a week ago.

In a post, the exchange had said, “Since September 14, some services such as deposit / withdrawal of virtual currency are not in operation at our service, which has inconvenienced our customers. As a result of our survey, it turned out that some of the deposits / withdrawal hot wallets were hacked by unauthorized access from the outside and part of the virtual currency managed by us was illegally discharged to the outside .
This situation will result in betraying the trust of all our customers who trust our company and keeping valuable assets, and we apologize for lying down.”

This was an exchange that had been ordered to improve its functionality, on atleast two previous occasions by the Financial Services Agency (FSA), earlier this year.

Issuing a third improvement order, the regulatory body said, “Based on this, when requested a report based on the provision of Article 63-15, Paragraph 1 of the same law on September 18, the same year, it was confirmed that there was no report on the investigation of the cause of occurrence, response to customers, measures to prevent recurrence Sufficient was recognized.”

The report added that the previous two occasions when the exchange was ordered to improve were on March 8 and June 22 of this year.

The FSA released a detailed third improvement order which talks about the areas where the exchange can incorporate improvements. Some of them are listed below:

  • Determination of the facts and causes of the hacking cases (including clarification of the location of responsibility) and how to prevent it from taking place again
  • How to contain damage to customers
  • Response to be given to customers upon damage of assets
  • Effective improvement plans detailed with regarding to the previous two improvement orders by tomorrow.

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