{"id":9100,"date":"2018-09-29T00:00:00","date_gmt":"2018-09-29T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/09\/29\/japanese-regulators-regret-not-suspending-hacked-exchange\/"},"modified":"2018-09-29T00:00:00","modified_gmt":"2018-09-29T00:00:00","slug":"japanese-regulators-regret-not-suspending-hacked-exchange","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/japanese-regulators-regret-not-suspending-hacked-exchange\/","title":{"rendered":"Japanese Regulators Regret Not Suspending Hacked Exchange"},"content":{"rendered":"
A Japanese exchange Zaif<\/strong> was hacked earlier this month. The Financial Services Agency<\/a> <\/strong>(FSA) which is the watchdog of the Japanese financial sector has expressed regrets that it did not suspend the operations of the exchange despite tell-tale signs<\/strong> that the company was not adhering to the highest specified industry standards.<\/p>\n An official of the agency made it known that Tech Bureau, the company behind the exchange had twice been issued warnings to improve their operational standards.<\/p>\n \u201cIt is extremely regrettable that such an incident happened when (Tech Bureau) was given two business improvement orders,\u201d<\/em> the official said.<\/p>\n Regulators are presently investigating the circumstances surrounding the hack which the company said occurred after an employee\u2019s personal computer was hacked. The investigation which commenced on September 24 shows that the earlier FSA warning to the exchange was meant to have the company overhaul its internal management system as well as enhance the security of assets. It seems that none of the instructions were adhered to.<\/p>\n The hack caused the loss of digital currencies estimated to be worth at least $60 million. Since then, there have been questions on why the FSA did not come against the exchange despite its inability to improve its operational protocols and secure investors assets.<\/p>\n