Another blunder on the Japanese cryptocurrency market — this time, investors got bitcoins, not spending a single yen. However, the benefit they get out of that failed.
Zaif is one of the largest cryptocurrency exchanges in Japan, owned by the Corporation Corp Tech Bureau, said Tuesday that the 20-minute system glitch allowed seven customers “buy” Bitcoin, not writing off with their accounts in yen.
After the discovery of the bug, the exchange has revoked the transaction, although a single client is still trying to outwit everyone and free to withdraw their bitcoins from the exchange.
After a major hacker attack on Coincheck last month of the exchange, including Zaif, faced with inspections of regulators. Why Zaif did not attach the importance of safety is unclear, given under a strict supervision were all cryptocurrency platform.
Zaif is among the 16 exchanges that form the self-regulatory body, which will begin work in April. It was originally planned to combine the Japanese cryptocurrency trade Association (JCBA) and the Association Blockchain Japan (JBA), representing both registered and unregistered exchange.
The primary task, set before chemoregulators FSA, were: the question of creating your own rules to protect customer assets, elimination of system errors and risks and to implement the recommendations on advertising and measures to prevent insider trading.
In an attempt to “educate” a young and promising sector, Japan has chosen relatively loyal regulation. However, hacking Coincheck has revealed weaknesses in the system and raised questions to the government concerning stricter regulation.