Coincheck hack 10 million trying to sell11/19/2023 ![]() “We even talked about how we could use crypto for the Tokyo 2020 Olympics.”įukuda was not acting in a vacuum. “He saw this technology as bringing a potential competitive advantage to Japan,” says Miyaguchi. Gox’s meltdown, Miyaguchi met with Mineyuki Fukuda, an influential lawmaker in Japan’s ruling party who had been given the job of figuring out how to regulate the technology. She felt a duty to help educate regulators, investors, and the public about cryptocurrency and blockchains. “I thought the entire ecosystem could be at risk without proper information and education,” she says. This worried Miyaguchi, a native of Japan who moved to the US 10 years ago and now heads the Ethereum Foundation. It might even regain its position as a global leader in both finance and technology-a status it hasn’t enjoyed for decades. In the process, Japan will become the world’s biggest test bed for the decade-old idea that a cryptographic ledger and a network of computers can be used to create an electronic form of cash. Everything from huge transactions between banks to small retail purchases could be carried out with barely any delay and at a fraction of the current cost even today’s credit cards would be slow and expensive by comparison. If the experiment works, the country’s economy might be remade. With the government’s pressure to go cashless, and little competition from credit cards and other forms of e-payment, Japan could leapfrog the technology underlying today’s electronic payment networks and go straight to blockchains. It is relatively technologically savvy, cryptocurrency trading has been uniquely popular in the country for years, and Japan’s financial regulators are more familiar with blockchain technology than any others in the world. The wager all these companies are making is that Japan’s society is primed to start using digital cash. SBI Holdings, a big financial-services firm, says it’s building its own token, also for retail payments, called S Coin. Mizuho Financial Group, a large holding company, has been experimenting with blockchain technology for several years as part of a project dubbed “J-Coin” and plans to release its own digital currency for retail payments in March. MUFG, which has also tested its own crypto-token, is far from alone. ![]() Bitcoin tops out at about seven transactions per second, and each transaction can take up to an hour to confirm.) The system is designed to handle all kinds of payments, from automated highway tolls to payment-card swipes to in-app purchases. (Visa’s credit card network, by comparison, handles several thousand transactions per second. They claim that in tests it’s been able to handle more than a million transactions per second, with each transaction confirmed in two seconds or less, and say it could eventually achieve 10 million transactions per second. Mitsubishi UFJ Financial Group (MUFG), the country’s largest bank and the fifth largest in the world by total assets, has teamed with American internet company Akamai to build a blockchain-based consumer payment network in time for the Olympics. If they pull it off, it could be the fastest and most powerful consumer payment network to date. And while everything from credit card payments to transactions using QR codes would qualify, some of the country’s biggest financial players think the way to wean Japan off cash lies in the technology that runs Bitcoin. In August, the government announced plans to offer tax breaks and subsidies for companies that get on board. The article has been updated to reflect currently available information.Prime Minister Shinzo Abe says he wants 40% of payments to be cashless by 2025. UPDATE: Shortly after the original article went to press, new information began emerging. In South Korea, regulators moved to fine exchanges for lax safety measures after an investigation revealed six out of ten major platforms were flouting laws.Īt around $25,000 per offending exchange, criticism of laws continues to revolve around the fact that such violations deserve higher penalties due to the amounts of money at stake. ![]() The news comes at a time when security robustness of Asian exchanges remains under the spotlight. Record-breaking or not, it certainly marks a major blow to Japan’s fledgling regulated exchange sector. If the amounts being floated around are accurate, the Coincheck hack could well end up being the second largest theft of cryptocurrencies to date, dwarfing the amount claimed by attackers in any of 2017’s wallet compromises, including Parity’s much-publicized losses. We are doing our utmost to resume normal operations as soon as possible,” one of two most recent updates reads.Īs of press time, the blog post includes advice that “Purchases and sales of cryptocurrencies other than BTC (altcoins) are currently restricted.” Exchange Security Crackdown “All withdrawals from the platform are currently restricted, including JPY.
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