Japan's financial watchdog is probing into crypto exchange Coincheck's finances through an on-site inspection, following its notable $530 mln hack, particularly, inspectors from the Financial Services Agency (FSA) arrived in Coincheck's office and examined whether the company has the financial capability to fulfill its promise that it would compensate users who lost funds in the major breach.
Coincheck currently is one of the biggest cryptocurrency exchanges in Japan. Following the hack report, company has promised to issue compensation at a rate of $0.81 for each stolen token, which would amount to a total payout of $420 million. This promise has raised questions from FSA.
According to the report by Reuters, the FSA said on Friday that “it has already ordered Coincheck to fix its security loophole, which was also one reason FSA has yet to approve Coincheck as an exchange”.
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