Home News Japanese Financial Regulator Raids Coincheck, Probes Issues Related to Hack Compensation

Japanese Financial Regulator Raids Coincheck, Probes Issues Related to Hack Compensation

February 02, 2018 17:03
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Almost a week after Coincheck lost around $530 million to hackers, Japanese financial regulator, FSA has conducted a raid on the office premises of exchange, looking through the papers and computers for evidence. The raid was also directed to find whether the exchange has the ability to refund investors it has promised. Coincheck has announced a compensation of $0.81 for each stolen token.

According to Japan’s finance minister, Taro Aso, the raid was conducted to ensure security for the users. “On Friday morning, 10 FSA officials entered Coincheck’s premises to gain a better understanding of how the exchange is operating in light of the regulator’s business improvement order imposed earlier this week,” an agency official told reporters in Tokyo.

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As per the incident timeline, Coincheck officials initially noticed the incident around 11 AM on Friday morning, about eight hours after initial breach which was pointing to a sharp drop in the reserve of NEM coins. At the time of the hack, NEM was trading at about 94 US cents.

Coincheck has to submit a detailed report of the incident by February 13th about the causes of the incident and how it will improve the internal controls to avoid such incidents.

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