Zaif operator faces expanded sanctions by Japan FSA

Posted 25 September, 2018

Japanese regulator is about to tighten supervision over the local crypto market after the last-week hack of Zaif trading platform.

According to the news reports, the financial authority took certain measures against  Tech Bureau, the licensed Zaif operator today. In fact, it has expanded the sanctions that were imposed last week.

For reference, Zaif was hacked a week ago and lost about $60 million.

As a result, the company now has to figure out the details and reasons behind the attack as well as develop preventive measures against such issues in the future. With the new sanctions, Tech Bureau also must find the organizers of the hack.

The company experts detected a loss of bitcoin, Bitcoin Cash and MonaCoin just a week ago, but the exchange had been hacked back on September 14.

Following the recent attack, Tech Bureau plans to transfer the majority of its stake in the exchange to a public company, as the report reads. At the same time, the latter will help to cover the losses providing more than $40 million funding.

The operator has to submit a report about the measures to local regulators within a short period of time as required by the order of the Financial Service Agency dated this June.

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