Bitcoins for free? Another Japanese cryptocurrency exchange lands itself in hot water

21 February, 2018, 21:34 | Author: Regina Silva
  • Bitcoins for free? Another Japanese cryptocurrency exchange lands itself in hot water

A popular cryptocurrency exchange in Japan experienced a temporary glitch that allowed investors to purchase cryptocurrency including Bitcoin for free-though no users were able to profit off of the issue.

Zaif, one of Japan's major cryptocurrency exchanges, said seven clients managed to get bitcoins for free, during a 20-minute system glitch last week, reports Reuters. The exchange did not say which cryptocurrencies those were. One, according to the Asahi Shimbun, even placed a order for bitcoin worth 2,200 trillion yen ($20 trillion) at the time; then moving to quickly sell it again.

Earlier this year, Coincheck, a Tokyo-based cryptocurrency exchange, confirmed it suffered a security breach that resulted in as much as $533 million worth of digital tokens being stolen from the platform.

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According to Reuters, the registered cryptocurrency exchanges will form a self-regulatory body from April.

Currently, Japan has 16 registered crypto exchanges and another 16 exchanges awaiting approval. It had previously been reported that two existing registering bodies would merge together to represent the licensed and unlicensed exchanges.

The technical issue was quickly fixed, and the exchange is in the process of resolving the issue with customers. The body will set out rules for security and advertising, and will set penalties for members who don't follow the policies, the Nikkei business daily reported. The Coincheck heist exposed flaws in the system, and - for some experts - raised questions over Japan's dash to regulate the industry amid crackdowns by countries from China to India.

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