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Japan sanctions cryptocurrency exchanges amid illegal activity
Late last week, Japanese cryptocurrency exchanges started making (weak) moves to self-regulate. This week, Japan is cracking down on exchanges over what Reuters reports as a lack of "proper" internal control systems as a means to mitigate risk. There's also pressure to cull crypto's popularity for criminal activity. Specifically, its use for money laundering and funding terrorism.
Coincheck hackers are reportedly trying to unload stolen cryptocurrency
Last week, hackers stole around $534 million worth of cryptocurrency XEM from Tokyo-based exchange Coincheck, and now, Reuters reports, the hackers behind the heist are trying to sell the stolen cryptocurrency. Jeff McDonald, vice president of the NEM Foundation, the company behind XEM, told Reuters that he had tracked down an account holding the coins and those in possession of the stolen XEM were trying to sell them on six different cryptocurrency exchanges. "He is trying to spend them on multiple exchanges. We are contacting those exchanges," said McDonald. He also told Reuters that he couldn't yet determine how much of the stolen coins had already been spent.
