Massive Cryptocurrency Heist in Japan puts highlight on security

Japanese cryptocurrency exchange, CoincheckInc had on Friday experienced one of the biggest heist in history to the tune of USD$500 million.

Three days later, the theft of nearly USD$500 million in digital tokens is still reverberating through cryptocurrency markets and policy circles around the world.

The episode, disclosed by Coincheck executives at a hastily arranged press conference on Friday night, comes at an awkward time for Japanese regulators, who began rolling out a new licensing system for cryptocurrency venues just a few months ago. It has heightened calls for closer oversight and may influence a closely watched debate in neighboring South Korea over whether to ban digital-asset exchanges outright.

While Bitcoin and its ilk have mostly recovered from their selloff on Friday — thanks in part to Coincheck’s assurances over the weekend that customers would be reimbursed — market observers say concerns over security lapses at cryptocurrency exchanges are likely to persist. They may even push some investors toward peer-to-peer methods of trading that don’t rely on centralized platforms.

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Public to be Aware on the Initial Coin Offering


The two authorities, Securities Commission Malaysia (SC) and Bank Negara Malaysia advised members of the public to exercise caution on the initial coin offering (ICO) schemes that may involve activities that are subjected to laws administered by the SC and the Central Bank.

In the statement, SC that carrying on such activities without proper authorisation is an offense.

The issuers of ICO are advised to be mindful on the launching of ICO, the offering of digital tokens in exchange for digital currency or any form of payment and incidental activities that may trigger regulatory requirements under securities laws.

“No person is permitted to carry out any regulated activities such as fundraising, fund management, and dealing in capital market products without obtaining necessary approval or authorisation from the SC,” it said.

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