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Coincheck CEO Koichiro Wada, left, and COO Yusuke Otsuka during a press conference on Jan. 26 (Photo by Kosaku Mimura)

Hacked Japan cryptocurrency platform hit with improvement order

Watchdog demands tighter security at Coincheck after $534m theft

KATSUJI KAMEI, Nikkei staff writer | Japan

TOKYO -- Japan's Financial Services Agency on Monday took administrative action against hacked cryptocurrency exchange Coincheck, following the theft of 58 billion yen ($534 million) worth of NEM digital money.

In an afternoon news conference, the watchdog said it ordered the exchange to investigate the vulnerabilities that led to last Friday's heist and submit a plan for "effective system risk management" to prevent a recurrence.

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