CoinCheck Is Back, Begins Trading Wider Range Of Assets And Reinstated Its Crypto Lineup After Hack
CoinCheck Is Getting Back In The Saddle: Begins Trading Wider Range Of Assets And Reinstated Its Crypto Lineup After Hack
It's been a tough year for the Japanese Cryptocurrency exchange CoinCheck. Having sustained a serious hack which cost it a total of $530 million worth of funds. But according to a recent press release in November 26th, it has officially begun trading a wider range of digital assets.
In large part, this is thanks to the intervention of the Monex Group, which operates as an Internet based broker. Monex, having purchased the hacked exchange back in March for a total of $33.5 million, made a series of announcements to its new consumer base. This includes the announcement that it would be undergoing a series of remedial measures and ‘security improvements' in the wake of the attack.
This has proven to be an uphill struggle for the exchange, as it reports a net loss in Q3 of this year (Q2 of the Japanese fiscal year) of $5.25 Million. But this report comes at a time before CoinCheck announced the beginning of previously suspended features. These include leveraged transactions, Japanese yen depositing through convenience stores and a scheme that lets users pay power bills with crypto, according to an announcement that the company made quite recently.
It has also recently announced that it's re-introduced a number of previously afflicted cryptocurrencies over this course of time. These go on to include bitcoin (BTC), ethereum (ETH), ethereum classic (ETC), litecoin (LTC), bitcoin cash (BCH), NEM (XEM), lisk (LSK). Along with their re-introduction, CoinCheck has also introduced support for ETH, XEM and LSK.
“Coincheck has been steadily resuming as each service’s technical safety is confirmed through the support of external experts.”
The release stated, adding:
“As of the announcement today regarding XRP and FCT, Coincheck has resumed depositing and purchasing services for all tradable cryptocurrencies on Coincheck.”
Previously mentioned services, such as leveraged transactions along with an affiliate service will be going live in the near future, according to the Monex team.
It was made public two weeks ago that Coincheck had re-commenced the trade of NEM (XEM) tokens. This represents a significant event as the XEM token was one of those that sustained the brunt of the losses. In addition, further functionality was restored by the end of October going into November.
In the weeks previous, Zaif, which is another Japanese platform, was reported to have lost around $60 million in September due again to a hack. It has since completed an official handover to its new owner, Fisco. According to the company's officials, it is reporting they planned to begin compensating customers before the end of November.