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Another bug in Japanese Cryptocurrency Exchange

Feb 22, 2018 Posted /  2326 Views

Another bug in Japanese Cryptocurrency Exchange

On last Tuesday, a government registered crypto exchange platform encountered a defect in a computer program and permitted 7 users to buy Bitcoins for free in a 20-minute window. As per Reuters, the bug in the system of Zaif occurred on 16th February and exchange successfully invalidated the transactions except one and still working on it.

After the biggest cryptocurrency heist accounted by Coincheck, Zaif exchange platform conducted a complete system security checkup in order to stay safe from cyber thefts. The recent incident indicates towards the loopholes in Japan’s exchange platform.

Zaif is one of the 16 government registered exchange platforms managed by Tech Bureau Corp. The organization is based in Osaka, Japan. This is the second incident of flub reported in Japan which raises a question on nation’s viewpoint of exchange security.

As per recent Reuters reports, the registered organizations are planning to form a self-regulatory body and to start functioning from April onwards. According to Nikkei business daily reports, the body will frame certain policies regarding exchange and will operate accordingly. Any organization not working under guidelines will lay out penalties. The regulatory body will also work on security and marketing exchange.

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