RATE Group | Cryptocurrency theft shows need for effective regulations：The Asahi Shimbun
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Cryptocurrency theft shows need for effective regulations：The Asahi Shimbun

24 Sep Cryptocurrency theft shows need for effective regulations：The Asahi Shimbun

Posted at 04:18h in Cryptocurrency News by

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A little bit of failure is an inevitable part of new technologies. We cannot, however, afford to overlook a succession of blunders whereby large sums of money have readily been allowed to vanish into the darkness.

Tech Bureau Corp., a cryptocurrency exchange operator, said a website it manages has been hacked, resulting in an illicit withdrawal of Bitcoins and other digital currencies worth 7 billion yen ($62 million), including 4.5 billion yen in customer assets.

Tech Bureau in March received a business improvement order from the Financial Services Agency, which pointed out the occurrence of frequent system failures, illegal payments and illegal transactions at the company. The FSA again ordered Tech Bureau in June to improve its operations, saying there were problems in the company’s organizational setup, including in business management, compliance, measures against money laundering and segregation of customer assets.

The latest theft came on top of all that. We…

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