They are seeking the reimbursement of 19.53 million yen (S$242,400) in virtual currencies and further compensation for interest lost due to the hack. In February, seven plaintiffs - two companies and five individuals - filed a lawsuit against Coincheck. Headhunters specializing in cryptocurrency and blockchain say the supply of labor cannot keep up with demand.Exchanges are prepared to pay.But it is unclear how and when the money will be returned.įollowing the fresh FSA order, Coincheck vowed to "thoroughly review its management" and take measures to protect its depositors and deal with money laundering and funds for terrorists."Once again we apologise to our customers and people concerned for causing a lot of trouble and worries," the company said in a statement, promising to "do its best" to regain confidence. That number will rise to 50,000 by 2020, it projected.
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In 2016, though, there was a shortfall of more than 15,000 workers in big data and artificial intelligence, which rely on software engineers, the Japanese Ministry of Economy, Trade and Industry said.
Japan does not compile data on blockchain or software engineers.
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About 100 other companies have approached the watchdog that oversees the sector about applying for a license, a senior FSA official said.ĭemand is particularly high for engineers with skills that could help growth, from designing user-friendly interfaces to writing code that helps withdrawals of digital coins, as well as the security expertise needed to better protect consumers. There are 32 exchanges operating in Japan. “The sector’s growing so quickly, and the better exchanges are surviving, but many of them will fail,” he said “It could put the brakes on everything,” said Alexander Jenner, a headhunter at Computer Futures in Tokyo. It could also leave the industry exposed to more thefts. The resulting shortage risks blunting Japanese exchanges’ competitive edge as the country’s cryptocurrency industry matures, experts say. Companies across Japan’s booming cryptocurrency industry are scrambling to hire engineers, including cybersecurity experts and specialists in blockchain, the computer code that underpins bitcoin. “We strived to expand using headhunters and agencies, but ended up in this situation.”Ĭoincheck is not alone. “We were aware we didn’t have enough people working on internal checks, management and system risk,” Wada said last month. However, when Coincheck explained how hackers made off with the virtual currency, it said part of the problem was beyond its control: Japan’s lack of software engineers.Ĭoincheck said that no matter how hard it tried, it simply could not hire workers with the skills to seal gaps in security. Japan is a major center for virtual currencies and as many as 10,000 businesses in Japan are thought to accept bitcoin.
That hack in 2014 prompted Japan to issue new regulations, requiring exchanges to obtain a government license, but Coincheck was allowed to continue operating while the FSA was reviewing its application. The Coincheck theft exceeded the US$480 million in bitcoin stolen in 2014 from another Japanese exchange, Mt. The Japanese Financial Services Agency (FSA) last month ordered five cryptocurrency exchanges, including Coincheck, to make improvements to their business operations, while slapping two exchanges with suspension orders. Coincheck chief executive officer Koichiro Wada and chief operating officer Yusuke Otsuka are to step down, and Monex managing director Toshihiko Katsuya is to take over the chief executive officer post.
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