As we mentioned in the Coincheck news we published yesterday, the company has put a limit on all transactions and has stopped depositing and withdrawing transactions.
With the advent of around 500 million XEM employees, the price on the market began to fall suddenly. We are continuing to report the latest news about this huge incentive that the market price is estimated to be between $ 400-534 million. At the press conference held by the company on Friday afternoon, it was understood that the representatives of the company officials had lived the greatest robbery of history ever. After this, the weaknesses in security practices about the Japanese stock exchanges began to be discussed.
Japan in shock
Japan faced another hacking incident after the Mt Gox hack incident that happened 4 years ago. In recent years, the Japanese bank this week in Japan, which has been appreciated for its favorable arrangements and positives from the crypto money market, was found in statements that would approve crypto money. But with the incident that shocked yesterday, 127 million citizens of the country woke up with shocking news to the sun. At 3 pm local time, all the moisture in the stock market was shot in one go.
The identity of the hacker and the whereabouts of the hacker are unknown at this time, but it turns out that Coincheck has serious flaws in the security procedures. It seems that 500 million Moisture was being held in a wallet that does not support multi-sig. If this is the case, the stock market has not learned anything from recent history. A similar situation occurred in Mt Gox with the loss of 850,000 bitcoins in 2014. At a press conference on Friday, when Coincheck's security practices were asked, an apology was strange before President Wakata Koichi Yoshihiro answered the question.
What will happen to Coincheck?
The Japan Financial Services Authority said they were investigating the matter. The company had previously reported that it had been approved by the Financial Services Authority, but Coincheck was not registered with the FSA. After the hacking, the crypto money market is thought to be unaffected by this situation. Coincheck, meanwhile, also stated that NEM wanted to compensate the victims of the stolen customers. The company has to continue to trade for the grievances to go away. But after this, the Japanese authorities are skeptical about the stock market, and the question of whether customers will continue trading in the stock market that has lost confidence is a mystery. We hope that the company can solve the problem of all the traders who suffer victimization.