https://news.bitcoin.com/japanese-crypto-exchanges-self-regulation-coincheck-hack/
It looks like the hack is down to someone accessing the cold wallet - an insider?
Quote
The Japan Blockchain Association (JBA) has previously established self-regulation standards which its cryptocurrency exchange members voluntarily adopt. The standards include “the maintenance of cold wallet, etc., under the consent of the related members,” the association announced on Saturday after one of its members, Coincheck, suffered a hack which led to an approximately 58 billion yen loss on its platform.
The association currently has 127 members, 15 of them are crypto exchange members and 35 are blockchain members. Among crypto exchange members are Bitflyer, Coincheck, GMO Coin, and Bitocean. Bitflyer CEO Yuzo Kano is the association’s representative director. According to the JBA’s announcement:
The fact that the maintenance of the cold wallet was delayed caused the current illegal outflow. It is very regrettable.
Japanese Crypto Exchanges Strengthen Self-Regulation Following Coincheck HackThe association noted that the Japanese Financial Services Agency (FSA) has alerted the representatives of each cryptocurrency exchange regarding their security. “We are looking for further measures,” the JBA emphasized, adding that its crypto exchange members have been told to “check the status of [their] security based on the possibility of cyber attack.” The association noted:
In the future, in order to appropriately secure the security of virtual currency exchange traders…we will establish stricter voluntary regulations and seek compliance with members.
The association currently has 127 members, 15 of them are crypto exchange members and 35 are blockchain members. Among crypto exchange members are Bitflyer, Coincheck, GMO Coin, and Bitocean. Bitflyer CEO Yuzo Kano is the association’s representative director. According to the JBA’s announcement:
The fact that the maintenance of the cold wallet was delayed caused the current illegal outflow. It is very regrettable.
Japanese Crypto Exchanges Strengthen Self-Regulation Following Coincheck HackThe association noted that the Japanese Financial Services Agency (FSA) has alerted the representatives of each cryptocurrency exchange regarding their security. “We are looking for further measures,” the JBA emphasized, adding that its crypto exchange members have been told to “check the status of [their] security based on the possibility of cyber attack.” The association noted:
In the future, in order to appropriately secure the security of virtual currency exchange traders…we will establish stricter voluntary regulations and seek compliance with members.
It looks like the hack is down to someone accessing the cold wallet - an insider?
This is what is expected to happen and even beyond the self regulation that they are now proposing they should equally be more concerned about making people responsible for the hack as well as putting plan in place in other to compensate those who lost their funds and forestall situation like this because any thing short of that, is a waste or energy and resources as another one is about to happen and the same story will repeat itself again.
