By CCN Markets: Japanese crypto exchange Coincheck was dealt a significant blow in January 2018, losing $ 530 million worth of New Economy Movement (NEM) tokens to an unknown group of hackers. It is widely believed that North Korean hackers were behind the biggest crypto exchange theft ever. But Japanese newspaper Asahi Shimbun reports that Russian hackers were the ones who orchestrated the attack. Russian breadcrumbs in the Coincheck crypto exchange hack The Japanese newspaper says that the examination of a Coincheck employee’s personal computer revealed a malware associated with Russian hackers. The hack was a result of the crypto exchange’s
Coincheck has reported 1.73 million downloads of its mobile app since the Japanese cryptocurrency exchange resumed new account signups, withdrawals, deposits and limited trading in October. By the end of December, more than 900,000 of the new users had gone on to confirm their identities, in what looks like a remarkable comeback for an exchange that holds the dubious record of having suffered the worst hack in the short history of cryptocurrency.
Readers may recall the January hack that cost Coincheck over $ 500 million. The largest theft in cryptocurrency history, the hack saw the exploitation of a vulnerability in the exchange’s security system and culminated in the loss of more than 500 million. New Economy Movement tokens, each worth over $ 1. As CCN’s Josiah Wilmoth wrote at the
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Embattled crypto exchange Coincheck has announced the resumption of trading pairs for XRP and FCT tokens effective Monday, November 26. In a statement on its website signed by company President Toshihiko Katsuya, it was revealed that starting from Monday, deposits and sales of the two cryptocurrencies will be partially restored alongside a few ancillary services.
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The price of NEM tokens (XEM) has risen some since Japanese exchange Coincheck announced that it would once again allow trading of the token, which was suspended after a hack at the exchange led to a more than half-billion dollars in tokens being stolen and systematically laundered through other exchanges. The XEM price started picking
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The price of NEM (XEM), a cryptocurrency project building a faster blockchain designed for better-performing smart assets, has surged around 15% after it was announced that trading would resume on Coincheck, a bitcoin wallet and exchange service headquartered in Tokyo. #Coincheck resumed $ XEM activities today! 🇯🇵 https://t.co/ndkPar4bUa — NEM (@NEMofficial) November 12, 2018 Coincheck suffered one of […]
Coincheck reported a pre-tax loss of 588 million yen (US $ 5.3 million) for the third quarter of 2018, the Japanese exchange’s second consecutive quarterly loss since hackers pilfered $ 530 million in January. That’s an increased deficit of 130 percent from the 259 million yen ($ 2.3 million) loss the previous quarter.
CoinCheck has plans to remove 3 privacy coins – Monero, Dash, and Zcash – from their platform along with an ERC-20 token which elicits gambling on a non-regulated platform.
Cryptocurrency Privacy: Is It Under Attack?
Coincheck has just announced that they will be ceasing the trading of 4 cryptocurrencies on their platform. These currencies being Monero, Dash, ZCash, and Augur, listed in order of market capitalization.
Coincheck plans for the delisting of these projects to be completed by June 18th, a short 3 weeks away. Users with these coins will be able to withdraw the tokens noted above until the delisting date. If users do not withdraw their tokens to their personal wallets by that time, the coins will be converted into Japanese Yen at the current market prices.
Japanese exchange Coincheck has confirmed that it is delisting three privacy coins: monero, dash, and zcash. Augur’s reputation token will also be delisted next month. The exchange made this decision after receiving a business improvement order from the country’s financial regulator following the NEM hack.
Coincheck Delisting 4 Cryptocurrencies
Following reports that Coincheck was going to delist monero (XMR), zcash (ZEC), and dash (DASH), the exchange has now confirmed that those cryptocurrencies will be delisted along with Augur’s reputation token (REP).
Coincheck, the Japanese crypto trading platform that found new owners after it was hacked earlier this year, is now planning to offer services on the US market. The exchange expects to be licensed in Japan next month, according to the chief executive of Monex, the online brokerage which bought the troubled company last month.
Japanese exchange Coincheck has announced partial resumption of operations with Monero. Its clients will be able to withdraw and sell XMR, but purchases are still unavailable. All previous requests for transactions have been canceled and users will have to initiate new transfers. They will be required to confirm the destination address, and state the purpose of each transaction.
Many in Japan feared its cryptocurrency market would grind to a halt following the hack of the Tokyo-based exchange, Coincheck. It appears that those fears were unwarranted, however, as the exchange is set to remain operational under Monex Group.
More Than Profitable
Monex Group Inc., a Japanese online brokerage, finalized its acquisition of Coincheck last week for nearly 3.6 billion yen ($ 33 million).
The acquisition comes after Coincheck’s security was penetrated on January 26th, earlier this year. Hackers breached the firm’s unsecured digital wallet and were able to steal NEM currency valued at $ 534 million at the time of the theft. After the hack, Coincheck vowed to reimburse NEM users who lost funds, estimated to cost the company $ 430 million.
It has been rumored for some time now, but Monex will finally buy Coincheck. It seems the transaction will be completed for the sum of $ 33.59 million, which is a lot lower than people initially expected. For the troubled Japanese cryptocurrency exchange, this news comes at a very intriguing moment. How this acquisition will affect the trading platform remains to be seen.
The team behind the troubled Japanese cryptocurrency exchange Coincheck has decided to sell the company to one of the largest securities trading companies in the country. Monex will provide much needed capital but will decapitate the exchange and replace its head with a more trusted figure from among its own.
The leadership of Coincheck exchange has reportedly accepted on Thursday the acquisition bid by Japanese financial services firm Monex Group (Tokyo Stock Exchange: 8698). The final details are still being worked out between the two sides but the exchange is expected get a cash injection of 3.6 billion yen ($ 33.6 million).
Japanese online brokerage Monex Group has confirmed a deal to acquire cryptocurrency exchange Coincheck, which suffered a major breach in January.
Coincheck, the Tokyo-based cryptocurrency exchange that has been struggling to get back on its feet since it suffered a devastating hack on January 26, 2018, has agreed to accept a takeover bid by Monex Group, a Japanese online brokerage firm.
As part of that, Chief Operating Officer at Monex Toshihiko Katsuya will to take over as Coincheck’s new president, while Coincheck’s founding President Koichiro Wada and Chief Operating Officer Yusuke Otsuka will step down, according to Nikkei Asian Review.
The market cap of Japanese online broker Monex Group shot up 20% April 3 after rumors spread about it buying troubled cryptocurrency exchange Coincheck.
Monex Shares Surge 20%
Data from Bloomberg currently circling social media shows the company attaining a market cap of $ 1 billion, up from $ 800 million. Shares had made gains from 344 to 424 yen per piece.
The news, originally reported by Nikkei but which Monex has not yet officially confirmed, comes as Coincheck continues to face stringent inspections from Japan’s regulator since it lost $ 530 million to hackers in January.
Tokyo-based cryptocurrency exchange Coincheck, which suffered a major hack early this year, may soon be under new management, reports say.
Japan’s Financial Services Agency raided the offices of the hacked Coincheck cryptocurrency exchange to see if they had adequate funds to repay customers.
The recent hack of the Coincheck cryptocurrency exchange in Japan sent a shock wave through the crypto world. The total value of the loss was staggering, coming in at around $ 530 million. The Financial Services Agency (FSA) originally gave the exchange essentially a slap on the wrist, but due to the seriousness of the situation, FSA regulators raided the offices of Coincheck today.
Japan’s financial regulator has ordered hacked exchange Coincheck to “improve” but appears uninterested in restricting cryptocurrency activities.
FSA: ‘Don’t Do It Again!’
In an order to Coincheck, which lost $ 530 million to hackers last week, the Financial Services Agency (FSA) of Japan has demanded a full explanation of what went wrong, along with a raft of upgrades for “prevention of similar events in the future.”
Following news that malicious parties had compromised the exchange’s hot wallet, its questionable security practices soon came into the spotlight, with commentators suggesting its setup was insufficient to guard against online threats.