Operator of Hacked Crypto Exchange Zaif Gets Third Warning From Japan's Watchdog

[Crypto]

Japan's Financial Services Agency (FSA) has issued a third business improvement order to the owner of hacked crypto exchange Zaif, Tech Bureau. The news was reported by Cointelegraph Japan today, September 25.

As previously reported, as a result of a security breach on the Zaif exchange September 14, hackers succeeded in stealing 6.7 billion yen ($59.7 million) worth of crypto assets belonging to both users and to the exchange itself. The Financial Services Agency had already ordered Tech Bureau to make business improvements first in March, and subsequently in June this year.

The FSA considers that Tech Bureau’s investigation into the causes of the recent hack – as well as its response to customers – have been inadequate. While the firm reportedly announced it was in talks with Fisco Group to receive financial support of 5 billion yen on Friday, September 21, the FSA says it did not receive a concrete report on the matter from the firm directly.

The FSA’s newly-issued business improvement order specifies the following contents as necessary measures that are to be urgently addressed:

Readmore: https://cointelegraph.com/news/operator-of-hacked-crypto-exchange-zaif-gets-third-warning-from-japans-watchdog