- Coincheck getting back to normalcy after being bought by Monex Group
- The exchange suffered a hack worth some half a billion dollars this January
Coincheck live once more
Coincheck Exchange has re-introduced all tokens that were available to trade before the hack and users can now make crypto-related deposits and purchases. The release of XRP and FCT means the total resumption of operations of all tradable cryptocurrencies on the platform. The announcement was made on Monday, November 26, 2018, by the hacked Japanese cryptocurrency exchange Coincheck.
after being recently acquired by Japan’s Monex Group it has resumed crypto deposits and purchases for Ripple (XRP) and Factom (FCT) brings back all cryptocurrencies the traded on the digital exchange before they got canceled in January 2018. The company’s press release stated:
“Coincheck has been steadily resuming as each service’s technical safety is confirmed through the support of external experts. As of the announcement today regarding XRP and FCT, Coincheck has resumed depositing and purchasing services for all tradable cryptocurrencies on Coincheck.”
The cryptocurrency exchange is slowly and steadily getting back to normalcy following an acquisition by Monex Group and has that that it will offer other services like leveraged transactions and affiliate services in due course. The exchange has been busy trying to reintroduce itself back to the market since the beginning of the year and re-launched the NEM token, which bore the brunt of the hack.
The company stated it is resuming services after receiving confirmation of the technical safety of the products and their platform from external experts. The exchange also said it will leave nothing to chance this time, to avert a repetition of the “January Disaster.”
Half a billion dollars lost to hackers
Coincheck Exchange hit the headlines on January 26, 2018, when its system was infiltrated by hackers who made away with over $500 million in NEM tokens. The hackers stole the coins via several unauthorized transactions after stealing the private keys of a NEM hot wallet where the tokens were stored. The hack only involved NEM while other cryptocurrencies, including Ripple (XRP), were not stolen.
All the stole funds belonged to the Exchange’s customers, and they reported the said “inappropriate” movement of funds to the country’s Financial Services Agency (FSA) and the police later on the same day. The company thereafter halted all withdrawals from their site to stop “any further damage” and the exchange promised to return to business after determining the best way to proceed.
Since January, Coincheck has been gradually reintroducing its services. The exchange resumed Japanese Yen (JPY) withdrawals in February followed by Cryptocurrencies in March. Last month they added services at a faster pace allowing customers to trade in Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC) and Bitcoin Cash (BCH). Then, in mid-November, it added Ethereum (ETH), NEM (XEM) and Lisk (LSK).