The breach occurred on November 3 when an “unauthorized third party” gained access to information from a number of users.
He was referring to the stringent regulation that forced most cryptocurrency exchanges to deploy separate trading platforms for U.S. customers only. Consequently, American crypto traders tend to operate on less liquid cryptocurrency exchanges.

In the wake of both Coincheck’s hack–as well as a big one that hit the South Korean exchange Coinrail–governments in East Asia began to crack down. Over the course of a few months, China, Japan, and South Korea all announced different measures to better regulate crypto-trading. The world was watching to see if this new technology would hit the mainstream–and government crackdowns following gigantic hacks helped poison the public perception.
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