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Japan raps Coincheck, orders broader checks after $530 million cryptocurrency theft

Japan's financial regulator said on Monday it would inspect all cryptocurrency exchanges and ordered Coincheck to get its act together after hackers stole USD 530 million worth of digital money from its exchange in one of the biggest cyber heists on record.

Japan's financial regulator said on Monday it would inspect all cryptocurrency exchanges and ordered Coincheck to get its act together after hackers stole USD 530 million worth of digital money from its exchange in one of the biggest cyber heists on record.

The theft highlights the vulnerabilities in trading an asset that global policymakers are struggling to regulate and the broader risks for Japan as it aims to leverage the fintech industry to stimulate economic growth.

The Financial Services Agency (FSA) on Monday ordered improvements to operations at Tokyo-based Coincheck, which on Friday suspended trading in all cryptocurrencies except bitcoin after hackers stole 58 billion yen (USD 534 million) of NEM coins, among the most popular digital currencies in the world.

Coincheck said on Sunday it would return about 90 percent with internal funds, though it has yet to figure out how or when.

The NEM coins were stored in a "hot wallet" instead of the more secure "cold wallet", which operates on platforms not directly connected to the internet, Coincheck said. It also does not use an extra layer of security known as a multi-signature system.

The hack has drawn into focus Japan's approach to regulating cryptocurrency exchanges. Last year, it became the first country to regulate exchanges at the national level - a move that won praise for boosting innovation and protecting consumers, and that contrasts sharply with crackdowns in South Korea and China.

The FSA said it ordered Coincheck to submit a report on the hack and measures for preventing a recurrence by February 13, and that it will, if necessary, conduct on-site inspections of other cryptocurrency exchanges.

The regulator also said it has yet to confirm whether Coincheck had sufficient funds for the reimbursement.

But the regulator does not have any rules banning the use of hot wallets by exchanges, nor does it set requirements on how much should be kept in cold wallets, an FSA official said at a briefing.

In response to FSA's order for improvements, Coincheck said in a statement that it would promptly strengthen its customer protection and governance, and develop its risk management systems.

Japan started to require cryptocurrency exchange operators to register with the government only in April 2017, allowing pre-existing operators such as Coincheck to continue offering services ahead of formal registration.

The FSA has registered 16 cryptocurrency exchanges so far, and another 16 are still awaiting clearance. Coincheck's application was made in September.

"It's been long said that cryptocurrencies are a solid system but cryptocurrency exchanges are not," said Makoto Sakuma, research fellow at NLI Research Institute.

"This incident showed that the problem has not been solved at all. If Coincheck screws up its crisis management, that could deal a blow to the current cryptocurrency fever."

NEM fell to USD 0.78 from USD 1.01 on Friday but recovered to USD 0.95 late on Monday afternoon, according to CoinMarketCap. Cryptocurrency related shares mostly rose in Tokyo, with GMO Internet, which offers cryptocurrency exchange services, gaining 5.7 percent.

Exchange operators in Tokyo said the Coincheck hack will likely cause concerns over security to grow among consumers, potentially pressuring the price of cryptocurrencies.

"I have to admit that all cryptocurrencies will now be tainted in their minds, so there may be a mid-term negative impact," said Genki Oda, president of BitPoint Japan.

CRYPTOCURRENCY RISKS

Singapore-based NEM Foundation said it had a tracing system on the NEM blockchain and that it had "a full account" of all of Coincheck's lost NEM coins. It added that the hacker had not moved any of the funds to any exchange or personal accounts but that it had no way to return the stolen funds to its owners.

In 2014, Tokyo-based Mt. Gox, which once handled 80 percent of the world's bitcoin trades, filed for bankruptcy after losing around half a billion dollars worth of bitcoins. More recently, South Korean cryptocurrency exchange Youbit last month shut down and filed for bankruptcy after being hacked twice last year.

World leaders meeting in Davos last week issued fresh warnings about the dangers of cryptocurrencies, with U.S. Treasury Secretary Steven Mnuchin relating Washington's concern about the money being used for illicit activity.

Japan's top financial diplomat said regulation of cryptocurrencies would likely be on the agenda at the G20 finance chiefs' meeting in Argentina in March.

South Korea will this week ban cryptocurrency traders from using anonymous bank accounts to crack down on the criminal use of virtual coins. China, worried about financial risks from such trading, has ordered some exchanges in Beijing to close.

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Gold edges higher on easier US dollar

Gold prices inched higher early on Monday as the US dollar hovered around three-year lows, trading not far off more than 17-month highs hit last week.

Gold prices inched higher early on Monday as the US dollar hovered around three-year lows, trading not far off more than 17-month highs hit last week.

FUNDAMENTALS

Spot gold rose 0.1 percent to USD 1,350.99 per ounce at 01:01 GMT. It rose about 1.4 percent last week.

US gold futures for February delivery fell 0.2 percent to USD 1,349.50 per ounce.

The dollar wobbled near three-year lows against a basket of major currencies on Monday, struggling to pull ahead from six straight weeks of losses amid its evaporating yield advantage and doubts about Washington's commitment to a strong currency.

Asian shares looked to extend their recent bull run amid upbeat corporate earnings and strong global economic growth, while more rumblings from the White House about "unfair" trade practices kept the US dollar on the defensive.

US economic growth unexpectedly slowed in the fourth quarter as the strongest pace of consumer spending in three years resulted in a surge in imports.

Attempts to target exchange rates risk setting off a currency war, a top European Central Bank executive argued on Friday, just days after US officials made their case for a weaker dollar to boost trade.

The Eurozone's economy could prove to be a shining star again this year, but persistently tepid inflation will probably keep the European Central Bank from following its peers and tightening monetary policy anytime soon.

US Trade Representative, Robert Lighthizer, is hopeful about talks to renegotiate the North American Free Trade Agreement but realizes a great deal of work remains, Republican U.S. Congressman, Dave Reichert said on Sunday after a briefing.

Budget 2018: Tweaks likely in govt insurance schemes

THE UNION BUDGET TO BE PRESENTED ON FEBRUARY 1 IS LIKELY TO MAKE TWEAKS TO THE INSURANCE SCHEMES UNDER THE JAN SURAKSHA YOJANA, NAMELY THE PERSONAL ACCIDENT AND TERM INSURANCE. THIS COULD INCLUDE SOME CHANGES IN THE PRODUCT STRUCTURE AND REVISIONS IN THE PRICING.

The Union Budget to be presented on February 1 is likely to make tweaks to the insurance schemes under the Jan Suraksha Yojana, namely the personal accident and term insurance. This could include some changes in the product structure and revisions in the pricing.

The Jeevan Jyoti Bima Yojana or term insurance offers a cover of Rs 2 lakh with an annual premium of Rs 330. Similarly, the Suraksha Bima or personal accident scheme offers Rs 2 lakh cover for accidental death for an annual premium of Rs 12.

“We have sought certain tweaks in the product including some upwards premium revision as well as measures to curb fraudulent claims. We have been assured of measures to deal with this,” said a senior private sector insurance company chief.

These insurance schemes, along with Atal Pension Yojana was launched in May 2015 to provide accessible basic insurance covers for Indians at a nominal cost. The products are sold solely through bank branches for which they earn a small commission.

There have also been concerns about the slow pace of enrollment into the schemes. The personal accident policy has had more than 133 million policyholders while the term insurance policy has had 53 million policyholders.

“Banks could also be encouraged to sell more of the policies by offering a better incentive under the scheme. Some announcements are likely,” said a senior official associated with this development.

Fraudulent claims have been reported, especially from the cooperative and regional rural banks. Due to this, insurers said that claims have also been rejected for causes including fraudulent documents produced and incorrect declaration of facts. These could be tackled through changes in underwriting structure by the budget announcements.

To prevent misuse of the products, the terms of the PMJJBY policy state that the insurance cover will not be available for death (other than due to accident) occurring during the first 45 days from the date of enrollment into the scheme.

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Ola plans to go big on electric vehicles; may launch e-rickshaws soon

Ola's immediate task is to set up electric autorickshaws all over the country after looking at the success of Ola autos in Chennai and Bengaluru.

Cab aggregator Ola is setting up a team to design electric vehicles (EVs), including cars and auto-rickshaws, reports The Business Standard.

After the success of Ola autos in Chennai and Bengaluru, the company now eyes immediate coverage of electric auto-rickshaws across the country. Uber re-entering the auto-rickshaw segment vindicates Ola's investments in auto-rickshaws, sources told the paper.

Ola is believed to have had plans of manufacturing its own electric car, but called it off because of stiff competition from the existing car majors - Maruti Suzuki, Tata, among others.

Bajaj Auto and TVS are the only two major players in the commuter-auto-rickshaw segment. Mahindra and Piaggio are also a part of this market segment, but their focus is on ferrying goods. As of now, no major firm has entered the electric auto-rickshaw space.

"It makes a lot of business sense for a company like Ola to build its own electric auto, especially since the government is also pushing for electric vehicles. Ola owns the end consumer and their data, and tomorrow they will most probably become the largest consumers of auto-rickshaws anyway," experts told the paper.

Former Bajaj Auto Executive and now Ola's Senior Director (Electric Vehicle) Chinam Netaji Patro will look into e-rickshaws and technologies and partnerships in this segment.

According to the firm's statement, Ola brought him on board because, "Chinam is an auto industry veteran, who brings in deep understanding when it comes to assessing the right technologies for Ola and collaborating with the right partners so as to bring forward India’s EV ecosystem."

Masayoshi Son, the owner of Ola's largest investor SoftBank, dreams of bringing one million EVs to Indian roads, and in pursuing this dream Ola has already started its 'Ola Electric' initiative in Nagpur where cars have been procured from major car-makers such as Tata and Mahindra&Mahindra.

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If you own bitcoin, Warren Buffett's cryptocurrency predictions are scary. How to cope

If those ominous words aren't enough to stress investors out, earlier this week, the popular cryptocurrency ripple plunged almost 13 percent and bitcoin shed nearly 8 percent of its value.

Billionaire investor Warren Buffett says cryptocurrencies are headed for trouble.

"We'll never have a position in them," Buffett, chairman and CEO of Berkshire Hathaway, told CNBC's "Squawk Box" Wednesday morning. "I can say with almost certainty that they will come to a bad ending."

If those ominous words aren't enough to stress investors out, earlier this week, the popular cryptocurrency ripple plunged almost 13 percent and bitcoin shed nearly 8 percent of its value.

Owning an asset that's been called both a fraud and the future can be an emotionally intense experience. Best Stock Tips Adviser

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Bull Flag Pattern

The bull flag pattern is probably the most bullish chart pattern you can trade.  As the name suggests, it looks like a flag pole with a flag on the top portion of the pole. 

To form the pattern, the price rises substantially in a short period of time and then consolidates for generally a few days to a few weeks to form the flag portion of the chart pattern.

A true bull flag pattern often leads to a secondary move of similar magnitude.  The price often rises 15% to 50% or more in a short period of time IF the price breaks out of the top of the pattern.

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