With the rise in popularity of cryptocurrency trading as well as the expansive nature of exchanges, there are only more uncertainties as to the risks involved. As with any emerging technology, there exists an unknown as to how cyber crime may be carried out. A Japanese exchange unfortunately became a victim of this uncertainty, and paid the price.
According to the cointelegraph, Japan has had large involvement in the cryptocurrency space due to the soft approach by Japan's Government. However this has changed, as since the hacking has taken place Japanese authorities are now putting heavy pressure on exchanges such as Coinbase.
According to Sky news, Japan's financial regulators are getting further involved in exchanges to apply pressure to protect it's users money.
While it may look like a dark time for crypto, it's quite the opposite. Such an event can bring about positive change in the community and a deeper inspection into the vulnerabilities of the technology surrounding exchanges. Themis I, for instance, takes pride in its strong sense of privacy and mitigation against hacker threats. In this time of alert, it would be wise to take into account the defensive properties of exchanges and technologies that you are investing your own money into.
Please read more about Themis I as a secure escrow service for digital currencies at www.themis.network
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