Roundup 20/08/2018 – Zaif hacked: 5966 BTC lost, Texas shuts down three scams & more

Japanese exchange hacked – 5966 BTC lost

The Japanese exchange Zaif was hacked, Zaif’s servers noted an unauthorized access on 14th September. However, Zaif made the incident public only yesterday. As of now, it is clear that hackers managed to steal 5966 BTC of which a majority belongs to Zaif’s customers. Zaif suspects that it also lost BCH and MONA coins during the incident. However, the exchange could not give any definite numbers for the Altcoins. Zaif is one of 16 officially licensed exchanges in Japan. The number of requirements and the security level that an exchange has to fulfill to get a license are very high. Japanese regulators initiated a new approach after the hack of Coincheck earlier this year. Zaif is counting on assistance from its subsidiary Fisco Ltd. to reimburse customers.


Texas shuts down three crypto investment scams

Central governance is not always automatically bad. As the state of Texas proves on a regular basis regarding crypto scams. The South US-American state is the most successful in shutting down crypto scams in its state. Just yesterday the state has shut down three investment scams. The responsible agency initiated a so-called cease and desist order against three investment companies of which one promised its investors e.g. turn a $1000 investment into $10,000 USD in a few weeks.

Crypto task force pushes for regulations in the UK

A Commons Select committee dedicated to research cryptocurrencies and their impact on the UK released a report that pushes for regulation in the UK. The committee confirms the “Wild West” narrative that many media outlets already used for the crypto space in many other countries. The report argues that the current situation is highly risky for investors. The committee started its work in February this year. However, it did not succeed in convincing the responsible institutions that regulatory framework is necessary for the crypto space. Until last, representatives of finance and legislation argued that current law that only recognizes state-issued money as a legal means of payment is sufficient for the UK. However, the fact that people use Bitcoin & Co. de facto as a payment method conflicts with this view.

Switzerland and Israel  to collaborate on crypto regulation

Two Swiss Statesmen have visited Israel to improve the business relations with the country. Both countries are more or less isolated from their surrounding states. One reason why the Swiss Minister for Finance Ueli Maurer wants to open the Israeli market for Swiss banks. Joerg Gasser, State Secretary for International Financial Matters, accompanied Maurer and he initiated a collaboration on cryptocurrency regulation between Switzerland and Israel. Both countries serve as a hub for crypto and blockchain startups. However, Switzerland is one of the countries with the most elaborate crypto-positive regulation in Europe. Switzerland is home to several blockchain projects. The region of Zug has become internationally known as a “Silicon Valley” for blockchain. Israel also recognizes the possible significance for the finance sector as even Prime minister Netanyahu mentioned that traditional banks will eventually disappear in the future.