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Abu Dhabi, UAEWednesday 19 September 2018

Japan to punish hacked cryptocurrency exchange Coincheck  

Firm lost $534 milion worth of NEM coins to hackers 

Journalists gather in front of Coincheck's offices in Tokyo. Regulators are set to fine the company after $534 million worth of coins were lost to hackers. Christopher Jue / EPA
Journalists gather in front of Coincheck's offices in Tokyo. Regulators are set to fine the company after $534 million worth of coins were lost to hackers. Christopher Jue / EPA

Japan's financial regulator plans to slap an administrative punishment on cyrptocurrency exchange operator Coincheck on Monday, the top government spokesman said, after the firm lost ¥58 billion ($534 million) worth of NEM coins to hackers.

Tokyo-based Coincheck on Friday suspended trading in all cryptocurrencies except bitcoin after the theft of NEM coins in one of the biggest-ever losses of digital money to hackers. It said on Sunday it would return about 90 per cent with internal funds, though it has yet to figure out how or when.

The Financial Services Agency (FSA) will issue a business improvement order to Coincheck later on Monday, chief cabinet secretary Yoshihide Suga told a news conference.

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