Japanese crypto currency exchange will limit the proportion of funds in hot wallets 10-20%

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Japanese crypto currency exchange will limit the proportion of funds in hot wallets 10-20%

Operators cryptocurrency market of Japan in a hurry to make conclusions from hacking Zaif, without waiting for instructions of the regulator.

Self-regulatory Association of kryptomere Japan plans to strengthen safety measures after a break-Zaif last month. On the agenda — restrictions on the share of customer deposits available on hot wallets.

According to Japanese press, the proposed ceiling — 10-20% of total customer deposits, all other means will have to be on a cold wallet. Restrictions can be entered immediately after they’re approved by the regulator — the financial services Agency of Japan (FSA).

Hacking Zaif cost in the amount of about 7 billion yen in bitcoin (about $60 million), including 4.5 billion of clients ‘ funds of the exchange, which, of course, were not in the break-in on a cold wallet.

According to some leaked official details of the incident still not — Zaif kept too large a share of its controlled funds in bitcoin online, and paid for that.

Recall that after breaking Zaif first reaction to the FSA the decision to test any and all kryptomere. The regulator has decided to ensure that all market participants and protect the information assets of its clients properly. Very Zaif started to check on the same day, when crypto currency exchange said the burglary, that is September 20.

The crypto currency exchange had been broken on September 14, but the fact was only discovered 17 th. According to the exchange, the attackers stole nearly 6 thousand bitcoins, as well as a number of Bitcoin Cash and MonaCoin.

In this case cryptocurrency 4.5 billion yen took the hot wallets of users and 2.2 billion from the account belonging to the company. Zaif apologized for “betraying the trust of the clients who have entrusted their stock exchange assets,” and promises to compensate you in full.

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