FRIDAY, March 29, 2024
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Tech Bureau gets order on improvement after attacks

Tech Bureau gets order on improvement after attacks

JAPANS’S Financial Services Agency has issued a business improvement order to cryptocurrency exchange operator Tech Bureau Corp over a cyber-attack that stole about 7-billion yens worth of virtual currencies from the exchange earlier this month.

The FSA demanded the Osaka-based company report soon on the cause of its failure to prevent the cryptocurrency theft, as well as its response to affected customers.
This was the third FSA improvement order for Tech Bureau, a registered exchange operator under the revised payment services law.
The company was slapped with the first order in March and the second order in June in the aftermath of the theft of 58 billion yens in customer assets held in digital currency NEM from major exchange Coincheck in January.
The latest hacking attack was committed via a personal computer of a Tech Bureau employee on September 14. It confirmed damage from the attack by Septemebr 18 and announced the incident early in the morning two days later.

On-site inspection 
Within the day of the announcement, the FSA conducted an on-site inspection of Tech Bureau.
As about 4.5 billion yens of the stolen assets belonged to its customers, Tech Bureau plans to compensate for the customer losses by receiving 5 billion yens in aid |from financial information provider Fisco Ltd by the end of this |month.
The FSA, however, ordered Tech Bureau to report on details of the bailout plan, which it claimed lacks specifics.
The agency believes that customer assets at Tech Bureau, worth about 47 billion yens in total, have been poorly managed as a relatively large portion of them has been exposed to the internet.
 

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