Coincheck Inc., which has received government reprimands about accounting standards after $ 530 million theft in digital money, has announced that it would from Monday start repaying customers affected by the heist.
Coincheck said last week it will reimburse about 46 billion yen ($ 431.6 million) to investors who have lost digital money in the hack, one of the biggest digital funds ever.
Coincheck also plans to lift borders as from Monday on trading and withdrawal of some cryptocurrencies, including bitcoin, he had imposed during his investigation into the hold-up of late January.
The incident sparked renewed concerns in Japan and abroad about security during Cryptocurrency trading, and raised questions about the country’s trade regulatory system.
In a larger regulatory response, the Japanese financial regulator last week punished Coincheck and six other exchanges, ordering them to make improvements in areas from risk management to preventing the criminal use of digital money.
Coincheck now has until March 22 to offer up a plan to improve security and protect against such threats as money laundering and terrorists getting their hands on cryptocurrency. The Financial Services Agency (FSA) also leveled its first notice against GM Coin, reports noted.
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