ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
The Nikkei View

Japan's cryptocurrency exchanges need more stringent safety checks

$533mn Coincheck hack highlights holes in current regulatory system

Coincheck President Koichiro Wada speaks to the press on Jan. 27 at the Tokyo Stock Exchange.

Japan's cryptocurrency market received a major jolt recently when 58 billion yen ($534 million) worth of digital currency was stolen from one of the country's leading exchanges. Trading of digital money is growing rapidly around the globe, and Japan is the world's largest market. To ensure the safety and transparency of this trading, it is essential to take a fresh look how cryptocurrency exchanges are operating.

The target of the recent attack was Tokyo-based Coincheck. Hackers stole nearly all of the NEM virtual currency the exchange had been holding on behalf of about 260,000 customers.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more