Zaif

European Crypto Exchange Hacked for $5.4 Million in Bitcoin

11/09/2020 by Idelto Editor

Eterbase, a Slovak cryptocurrency exchange, revealed Thursday that it had been hacked for $5.4 million. Cyber-criminals broke into six hot wallets containing bitcoin, ethereum, algo, ripple, tezos, and tron, stealing everything, it said.

Hot wallets are active digital asset accounts connected to the internet. Eterbase used these wallets to facilitate day-to-day trading activities on its platform. However, hot wallets tend to be susceptible to hacks on account of their being connected to the internet.

“Law enforcement authorities have been informed and we will assist as much as we can in the ongoing investigations,” said Eterbase, in a short statement. The exchange sought to reassure fretful investors, stating, “we have enough capital to meet all our obligations.”

Following the breach, Eterbase has now suspended all deposits and withdrawals, including any trading, until Sept.10. The exchange said it will resume operations once an audit of its security systems has been completed.

According to a series of messages posted on its Telegram channel, Eterbase detected the hack, but was powerless to stop it. Eventually, the company tracked the crypto assets as they left its coffers.

A large part of the stolen money allegedly ended up at Binance, Huobi Global and Hitbtc, it claimed on Twitter. Eterbase has now contacted these exchanges, requesting that the funds be frozen.

In July, another European crypto exchange Cashaa lost 336 bitcoin (worth around $3.1 million at the time) to hackers. The London-based platform said the hacker attacked one of its Blockchain.com wallets, which is used to store BTC and make transfers from the exchange.

Worldwide, bitcoin exchanges have become a prime hunting ground for cyber-criminals. Last year, Japan’s Bitpoint was raided for $32 million and a few months later South Korean platform Upbit suffered a $52 million loss. Zaif, another Japanese exchange, was attacked for $60 million in 2018.

What do you think cyber-attacks on cryptocurrency exchanges? Let us know in the comments section below.

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110 Crypto Exchanges Want to Launch in Japan – A Look at Recent Changes

09/07/2019 by Idelto Editor

110 Cryptocurrency Exchanges Want to Launch in Japan - A Look at Recent Changes

Following G20 meetings, where Japan led several discussions regarding crypto assets, the country’s top financial regulator told news.Bitcoin.com that 110 crypto exchanges are now interested in launching in Japan. The country recently passed a new cryptocurrency bill, and some approved crypto trading platforms have undergone changes.

Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments

110 Exchanges Want to Enter Japanese Crypto Space

Under Japanese law, companies wanting to operate crypto exchanges are required to register with the country’s top financial regulator, the Financial Services Agency (FSA). There are currently 19 registrants operating in the country, 16 of which were approved in 2017 while three were approved this year. However, many more crypto exchange operators have expressed interest in entering the Japanese crypto space.

The FSA revealed to news.Bitcoin.com Monday that these businesses are in various stages of registration such as “preliminary consultation” and “inquiries regarding registration,” adding:

The number of crypto asset exchange service providers which have expressed their interest is about 110 as of June.

Among applicants waiting to be approved is Line Corporation, which owns Japan’s most popular mobile messaging app, Line. The company currently operates an exchange called Bitbox, which is available worldwide except in the U.S. and Japan due to regulation. On June 20, Bloomberg reported that the company is near obtaining approval from the FSA to offer its exchange service in Japan. However, there has been no announcement from the regulator regarding the company’s registration status.

19 Registered Crypto Exchanges

The FSA maintains a list of all registered crypto exchange operators in Japan following the country’s legalization of cryptocurrency as a means of payment in April 2017. The first 11 exchange operators were registered on Sept. 29, 2017 — Money Partners Group, Quoine, Bitflyer, Bitbank, SBI Virtual Currency, GMO Coin, Huobi Japan (formerly Bittrade), Btcbox, Bitpoint Japan, Fisco Cryptocurrency Exchange, and Tech Bureau. SBI Virtual Currency Co. Ltd. changed its name to SBI VC Trade Co. Ltd. on July 1.

On Dec. 1, 2017, DMM Bitcoin, Taotao (formerly Bitarg), Bitgate, and Xtheta were registered. Bitocean followed suit on Dec. 26. No operator was registered last year, largely due to the January hack of Coincheck, one of the country’s largest crypto exchanges. Since then, the FSA has tightened its oversight of the industry including conducting on-site inspections of exchanges.

This year, three exchanges have been approved so far. Coincheck successfully registered with the FSA on Jan. 11 after it was acquired by Monex Group. On March 25, Rakuten Wallet (formerly Everybody’s Bitcoin) and Decurret were also registered.

Bitflyer Resumes Account Openings

Bitflyer, one of Japan’s largest crypto exchanges by trading volume, resumed the opening of new accounts on July 3 after freezing the service for a year due to a business improvement order it received from the FSA.

The company wrote that it “voluntarily suspended new account creation in order to reconfirm the identity of our existing customers and strengthen our internal management structure,” adding that “We would like to announce that new account creation has resumed.”

Fisco Hit With Administrative Order

It had been almost a year since the FSA last issued a business improvement order to a crypto exchange. On June 21, the agency announced an administrative order against Fisco Cryptocurrency Exchange, which acquired another registered crypto exchange, Zaif, after it was hacked in September last year. The last order prior to this latest one was issued on Sept. 25 last year to Tech Bureau, formerly the operator of Zaif.

The agency explained that it conducted an on-site inspection of the exchange on Feb. 13 and found that “management did not recognize the importance of legal compliance … this has led to a number of legal violations.” The FSA continued to detail: “there have been problems with the company’s business management system … [and] also problems in the risk management system for money laundering and terrorist financing, and the external management system such as outsourcing management system.”

The agency ordered the company to establish a number of additional systems including for legal compliance, risk management, outsourcing, handling new cryptocurrencies, protecting user information, and auditing. The company must submit its improvement plan by July 22 and follow up with monthly implementation progress reports.

Coincheck Now Supports 10 Cryptocurrencies

Coincheck applied for registration in 2017 but had been operating as a “deemed dealer” until its registration was finally approved in January. Deemed dealers are exchanges that had been operating in Japan since before the regulation took effect; the FSA has allowed them to continue service while their registration applications are being reviewed.

On Jan. 26 last year, Coincheck was hacked and lost approximately 58 billion yen (~$550 million) worth of XEM held by approximately 260,000 customers. The exchange was subsequently acquired by Monex Group and underwent extensive system improvement. Coincheck halted some services following the hack and has gradually been resuming them. The platform now supports the trading of BTC, ETH, ETC, LSK, FCT, XRP, XEM, LTC, BCH, and MONA. It started collaborating with Monex Securities in April to allow the exchange of Monex points for BTC, ETH, and XRP. Monex points are accumulated by purchasing and holding investments in Monex Investment Trusts.

FSA Warns of Unauthorized Exchanges

The FSA issued a warning on June 25 to Cielo EX Ltd. which operates a crypto exchange that has been providing service to Japanese residents without authorization. The platform offers the trading of several cryptocurrencies such as BTC and Asobi Coin (ABX). This is the fourth warning of unauthorized exchanges the agency has issued since it started regulating the crypto industry.

The other three warnings went out to Gibraltar-based SB101 on Feb. 15, Binance in March last year, and Blockchain Laboratory Ltd. in February last year.

Commitment to Applying FATF Standards

Japan recently hosted the latest G20 summit and other related ministerial meetings such as the G20 Finance Ministers and Central Bank Governors Meetings. At the end of the G20 leaders’ summit on June 29, Japan and other G20 countries jointly declared their commitments to applying the crypto standards set by the Financial Action Task Force (FATF). The country’s finance minister also joined other G20 finance ministers and central bank governors to declare the same commitment to applying FATF’s standards.

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT),” the G20 leaders, finance ministers and central bank governors declared. “We reaffirm our commitment to applying the recently amended FATF standards to virtual assets and related providers for AML and CFT.”

Japan’s New Crypto Bill Passed

A new cryptocurrency bill, published on June 7, officially passed Japan’s House of Representatives, the lower house of the National Diet, on May 21. It then passed the House of Councillors, the upper house of the Diet, on May 31.

The bill entitled “A draft bill to amend some of the fund settlement laws, etc., in response to the diversification of financial transactions accompanying the advancement of information and communication technology” was prepared by the FSA. It seeks to amend two key laws that apply to crypto assets: the Act on Fund Settlement and the Financial Instruments and Exchange Act.

The revised bill was accompanied by a resolution of 15 requests which “require the government to clarify regulatory targets, deploy appropriate personnel, implement appropriate regulations in line with the international standards, consider appropriate taxation methods, etc.,” Impress publication detailed. The FSA told news.Bitcoin.com Monday, “We are currently undergoing an extensive personnel reshuffling.”

The agency previously explained that the 15 requests are “items which we should take into consideration before introducing the bill, and we should take appropriate responses to it at the time when the bill comes into effect.”

Further, the FSA announced last month a partial revision of its operating guidelines including a business management system required for crypto exchange operators. The document also updates supervision for initial coin offerings, including when the issuers sell their own tokens and when tokens are sold on their behalf.

Do you think Japan needs more crypto exchanges? Let us know in the comments section below.

Images courtesy of Shutterstock and the Japanese government.

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Japanese Regulator Issues Business Improvement Order to Fisco

21/06/2019 by Idelto Editor

Earlier today, June 21, 2019, Japan’s Financial Services Agency (FSA) issued a business improvement order to crypto exchange operator Fisco.

The regulator issued the order with a report citing various rule violations on the part of Fisco’s management.

Fisco is the operator of Zaif, a Japanese exchange that was hacked in September 2018. Fisco has reportedly been under FSA’s microscope since the exchange changed management in April 2019. At the time, the regulators targeted Fisco alongside another local crypto exchange, Huobi Japan, and investigated both to ensure that they complied with customer protection and legal compliance standards.

According to the regulator’s report, Fisco’s management didn’t adequately recognize the importance of legal compliance. It will now have to improve its anti-money laundering (AML) and risk management systems. The exchange was also ordered to make improvements to its auditing, accounting and outsourcing.

The FSA also found shortcomings in the exchange’s customer verification infrastructure.

“In the section where users can enter identity verification information, they can select ‘other’ if it is not possible to check their occupation or purpose of the transaction,” FSA notes in its report. “When ‘other’ is selected, the account can be opened without entering anything.”

The post Japanese Regulator Issues Business Improvement Order to Fisco appeared first on Bitcoin Magazine.

Yahoo Japan-Backed Exchange Launches Crypto-Yen Markets and Margin Trading

10/06/2019 by Idelto Editor

Yahoo Japan-Backed Exchange Launches Crypto-to-Yen Markets and Margin Trading

Back in April 2018, it was revealed that Yahoo Japan was planning to launch a cryptocurrency exchange licensed by Japan’s Financial Services Agency (FSA). Now, a year later, Yahoo Japan’s trading platform Taotao is open offering BTC and ETH trading while also providing users with margin trading available in litecoin (LTC), ripple (XRP) and bitcoin cash (BCH).

Also read: Bitcoin.com’s Local Bitcoin Cash Marketplace Is Now Open for Trading

Yahoo Japan’s Taotao Exchange Has Launched

Yahoo Japan Corporation has officially entered the cryptocurrency trading industry with its newly launched exchange Taotao. Yahoo Japan is an internet company tethered to the American multimedia corporation Yahoo. The web portal operated by Yahoo Japan is the most visited website in the country, offering services like email, Roku, Gyao, Geocities, auctions, shopping, and travel. The company’s exchange was initially called Bitarg up until Yahoo Japan acquired the trading platform last February and renamed it Taotao. The trading platform is fully licensed with the FSA as a Japanese virtual currency exchange business association type 1 member.

Yahoo Japan-Backed Exchange Launches Crypto-Yen Markets and Margin Trading — **The Yahoo Japan-backed cryptocurrency exchange offers both BTC and ETH trading against JPY. The trading platform also provides margin trading with LTC, BCH, and XRP.**

Taotao President, Shinichiro Arakawa, announced the launch of the platform on May 30, 2019, with an initial commemoration campaign that gives traders zero fees for 30 days. Additionally, for BTC, ETH, BCH, XRP, and LTC margin trading, the open position management fees from leverage transactions are waived for the first month. Taotao launched the web portal with its slogan “New money, new world,” and the company believes Taotao makes it easier for cryptocurrency users to trade in a safe manner. The Taotao trading platform can be used in a browser but the exchange also offers a mobile trading experience with its Android and iOS applications. Users can trade with BTC and ETH in a traditional spot market fashion with their smartphone while also playing with leverage on LTC, XRP, and BCH.

The Yahoo Japan-backed Taotao claims to offer top-notch trading in a completely isolated environment from the external networks. Funds are kept in cold storage and Taotao also offers multi-signature technology which requires the approval from multiple individuals at the time of withdrawal. In order to prevent unauthorized logins, Taotao requires two-factor authentication (2FA) for accounts. One interesting thing to note about registering for Taotao is users can sign up with a Yahoo Japan ID to make the process much quicker. Still, in order to be fully verified, users are required to provide a photo ID in order to obtain approval. After the Coincheck breach in January 2018, Japanese exchanges have to abide by strict rules in order to acquire a license to operate a virtual currency trading platform. Yahoo Japan’s Taotao platform is among 19 FSA approved cryptocurrency exchanges within the country.

Crypto Exchange Competition in Japan Is Growing

Yahoo Japan’s entry into the cryptocurrency trading environment will surely help give digital assets further mainstream attention. There have already been advertisements on Yahoo Japan’s web portal when the company announced the pre-registration account openings for March 25 and gave up to 11,000 yen in reimbursements for advance registrations.

Taotao will compete with a slew of trading platforms and the Japanese forerunner Bitflyer, one of the world’s leading digital asset exchanges by volume. For instance, on Monday, June 10, Bitflyer has processed over $58 million or 7,315 BTC worth of trade volume in the last 24 hours. Moreover, last April news.Bitcoin.com also reported on a few other Japanese exchange newcomers that will compete against Taotao.

One of those examples is the Fisco Cryptocurrency Exchange, which initiated services in Japan during the last week of April. Fisco Digital Asset Group (FDAG) previously worked with Tech Bureau Inc., the firm which operated the hacked exchange Zaif, and FDAG decided to relaunch services seven months later. Then there’s the recent opening of Huobi Japan last January, which introduced LTC, BCH, MONA, BTC, ETH, and XRP trading to Japanese traders. Huobi Group managed a merger with Bittrade and rebranded into Huobi Japan after acquiring a license to operate under the FSA’s stricter guidelines. Taotao will also be challenged by the new platform Decurret and the revamped Rakuten service in Japan.

What do you think about the Yahoo Japan-backed Taotao exchange? Do you think this platform will introduce cryptocurrencies to mainstream audiences in Japan? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Yahoo Japan, Taotao, and Pixabay.

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Crypto Manga – Comic Book Series to Spread Cryptocurrency Awareness

10/06/2018 by Idelto Editor

The first issue of a crypto comic book series called Shonen Crypto has been released. Readers can learn about various aspects of cryptocurrencies as they follow the characters in this manga which aims to be both educational and entertaining. News.Bitcoin.com talked with the comic book’s Editor-in-Chief to learn more.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Manga Dedicated to Crypto

Shonen Crypto will be published “every three weeks or one month,” creator “Editor-in-Chief Taro” told news.Bitcoin.com. According to him, this is the first comic book series focusing only on cryptocurrencies. “I never heard there are any [other] comic books about crypto,” he claims.

Currently, the series is only available online but Taro hopes that it will get published as physical books in the future. “I would like people to read it at cafes or many crypto events,” he shared. The first issue has partially been translated from Japanese into English at the time of this writing, and there are plans to produce music and music videos about crypto based on this comic as well.

Initially, there were 10 people working on this manga; they created the first issue. Now, there are 20 members performing different roles. “Someone can draw pictures, someone can gather information about shitcoins, someone can create songs, and someone can make videos,” Taro elaborated and explained the reasons for starting the series:

I want everyone to know crypto and its potential. Recently, I feel that the number of active users of crypto is decreasing, and I often hear doubts about crypto.

Citing that “there are still lots of scams” relating to cryptocurrencies, he understands why some people are skeptical but reiterated that “It is not a good situation for crypto.” Therefore, through manga, he hopes to properly introduce crypto and its technology to the masses. Although “there are already lots of articles about crypto,” he noted that they contain “only lots [of] words” and, in Japan, the “masses usually don’t read such articles.”

Six Parts

The first issue has six parts. The first part is called “Crypto Heroes,” which is a story about Bitcoin Senpai who leads other crypto characters in fighting with fiat characters. “The fiat characters of Crypto Heroes are USD, JPY, and EUR,” Taro revealed, adding that there will be a greater variety of characters in the near future.

The second part introduces “what happens in the Bitcoin world (industry)” with a character named “Crypto-kun.” In the first issue, this character teaches about the Mcafee Pump, Mt Gox, the “Bitconnect Scam,” and Zaif’s glitch that allowed users to buy BTC at 0 yen.

The third part is “the introduction of masternodes, which includes the lifecycle of masternodes” and investment advice.

The fourth part is “a gag (comedy) manga” which features a common schoolgirl, Karen, who “learns about Bitcoin with Hakase,” a Japanese word referring to a professor. “He teaches Karen what crypto is and how to trade crypto, but he always makes mistakes and decreases his funds,” the Editor-in-Chief detailed.

The fifth part is a story about two girls studying BTCFX. The sixth part is about Dapps and how to use them on smartphones, Taro conveyed.

Disclaimer: Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this comic book series. Readers should do their own due diligence before taking any actions related to the content.

What do you think of this comic book series? Do you want to see more crypto manga? Let us know in the comments section below.

Images courtesy of Shutterstock and Shonen Crypto.

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