Japan Authorities Impose Administrative Sanctions on Zaif Operator
September 27, 2018
Japan’s financial regulators are again tightening control over local crypto market which was caused this time by recent hack of the Zaif trade platform. Last week the crypto exchange fell victim of hackers who stole around $60 million in digital asset.
Tech Bureau, the platform’s operator, was subject to administrative sanctions by the country’s Ministry of Finance as it extended the list of measures taken against the company.
The organization was obliged to hold an investigation and thus find out the causes for the incident, describe and take necessary measures to eliminate these ones in the future. In addition the company has to seize those criminals.
What is more, the Tech Bureau boards has to make and publish a report for its users with detailed description of the incident.
Remarkable is that after the hack the operator decided to turn over the most of its shares to public company that agreed to provide $40 million or more to recover the effects of the hacking.
Remember that similar case occurred with another Japan’s exchange Coincheck early 2018 when it lost about $530 million in digital currencies.