Crypto Exchange Coincheck Struggles to Recover $530M Loss From Hack Due to Bear Market
Japan-based crypto exchange, Coincheck has experienced a rough start to 2018, as they’ve incurred a $510 million loss due to theft reports Nikkei Asian Review (
https://asia.nikkei.com/Spotlight/Bitcoin-evolution/Bitcoin-plunge-deals-blow-to-Coincheck-s-turnaround-plans) . As per the claims made, the crypto exchange was looking to recover the losses, but it has yet to be achieved considering the crypto market’s current stance along with the decreased activity witnessed on behalf of users.
The President of Coincheck, Toshihiko Katsuya, has since commented on this matter and it seems like hopes all he’s got. In particular, he said:
“We hope to see trading volume rise as we run [the exchange] in a stable way,” adding that, “the market is still weak. Volatility is high. Transaction activity has not been revitalized.”
The theft caused a lot of problem in terms of regulation, as it forced Japan to look closely into the crypto sphere. Since the theft, the team behind Coincheck supposedly came back into action on November 26, however, they’ve yet to hear from the Japan’s Financial Services Agency (FSA) regarding the necessary license. Katsuya eventually commented that in accordance to the team, the process of getting hold of the license is taking longer than usual.
This is unfortunate for Coincheck considering their accomplishments even after operations landed in the hands of Monex Group, a financial services provider. According to the Nikkei Asian Review, profits were pouring in up until the theft and was never revisited ever since.