Cryptocurrency News Today: Cryptocurrency glitch-Exchange allows traders to buy cryptocurrency for $ 0: Zaif, which is a Japanese exchange recently allowed some of the cryptocurrency users to buy cryptocurrency entirely free. This speaks volumes about the kind of security which the exchange has incorporated. This comes on the heels of more negative news from Japanese cryptocurrency exchanges just last month.
The cryptocurrency exchange is operated by Tech Bureau Corp. It is also registered with the cryptocurrency regulators of the country. This speaks volumes about the level of security which is present in the cryptocurrency exchange. Moreover, the glitch was not detected in time. Up to 7 users were allowed to buy cryptocurrency for $ 0.
According to the exchange, 6 transactions have been voided. The pending transaction has still not been reversed. The user has already tried to move the Bitcoin to some other cryptocurrency exchange after buying it for free.
The glitch actually occurred on February 16. The exchange only made it public in February 20. The cryptocurrency exchange has since then apologized to the users.
It is only one of the 16 cryptocurrency exchanges which has been registered with the government. Zaif has also faced a lot of heat heat from the authorities. The authorities suspect that it might be a target of cybersecurity due to its lax attitude towards the security. This is the reason why the scrutiny on this exchanges on the higher side.
The parent company has not yet come out with any explanation pertaining to this particular glitch.
Japanese cryptocurrency exchanges have always been in the limelight. In most of the cases, they have been in the limelight for negative news. A cryptocurrency exchange by the name of Coincheck lost almost $ 500 million last month. After that, most of the cryptocurrency exchanges announced that they would be taking proper measures in order to secure the cryptocurrency platforms. This glitch, however, underlines the lax attitude of the Japanese exchanges in order to secure their cryptocurrency platforms.
Japanese citizens are investing heavily in most of the cryptocurrencies. This is due to the fact that the returns provided by cryptocurrencies are much more than some of the other assets in the country. However, it remains to be seen whether companies are able to keep their portfolio completely safe. With the number of glitches emerging, Japanese cryptocurrency investors will surely be a worried lot. It is high time that the Japanese cryptocurrency exchanges actually think about providing proper security to the users.