Japan to form new cyber agency aimed at crypto theft prevention

Now it’s a job of 500 agents to prevent thefts similar to the Coincheck hack in Japan, as reported by several news agencies. The new cybercrime prevention bureau will be independent and formed from various branches of the Japanese law enforcement. This indicates the seriousness of the initiative, as this independent organization will require more governmental funding than a subdivision of the police or, say, the Financial Services Agency of Japan.

With its headquarters in Tokyo, the new organization apparently still has no name at the press time, instead it is simply called an “investigative center”. Note that the information regarding this center is still being translated and processed by the media around the world.

In older news, the National Police Agency of Japan has designated a team of experts for the Coincheck case which has seriously stirred up a hive due to the size of the stolen funds - $500M in NEM, a cryptocurrency which can serve as an alternative for Bitcoin.

Meanwhile, Coincheck might soon become bought by Monex, a competing cryptocurrency organization. Even despite the hack and the decreased investment attractiveness of the company, billions of dollars will be paid as part of the deal.

Image courtesy of af.mil