Tokyo Report

Coincheck Cybertheft Sparks Japan Cryptocurrency Overhaul

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Tokyo Report

Coincheck Cybertheft Sparks Japan Cryptocurrency Overhaul

The theft of $540 million in NEM coins has Japan rushing to implement oversight of the cryptocurrency industry.

Coincheck Cybertheft Sparks Japan Cryptocurrency Overhaul
Credit: Pixabay

Last Friday, Kyodo News reports, Japan’s Financial Services Agency announced a probe into a further 15 cryptocurrency companies still undergoing government registration in order to assess customer protection systems after Coincheck Inc. reported the largest theft of NEM coins in history.

The financial services watchdog swooped down on Coincheck days after a hacking attack saw 580 billion yen ($540 million) worth of NEM coins illicitly siphoned out in a breach of security affecting 260,000 investors — almost all of Coincheck’s members.

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