Forced Deal and FSA Scrutiny: What Do We Know About Japan’s Latest Hack
Cointelegraph
Published Sep 21, 2018 01:47PM ET
Updated Sep 21, 2018 02:01PM ET
Forced Deal and FSA Scrutiny: What Do We Know About Japan’s Latest Hack
This week, yet another major hack occurred in Japan: Hackers stole around $59 million worth of cryptocurrencies from local cryptocurrency exchange Zaif. It took several days for the platform to notice the breach, and now it has fallen under the tight scrutiny of the country’s regulator. The company that owns Zaif has already agreed to sell its majority stake to cover the losses.
Zaif was founded in May 2014 by Osaka-based startup Tech Bureau Inc. It is one of the 16 crypto exchanges in Japan which have received approval from Financial Services Agency (FSA) — since the amendment of Payment Services Act in April 2017, all crypto exchanges in the country are required to register with the regulator.
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