2018 Hacked Crypto Exchange, Coincheck Secures Operating License in Japan

The next time you think of defining resurgence, you may as well want to add cryptocurrency exchange, Coincheck to your list of examples to use.

In January 2018, the Japan-based crypto exchange lost $534 million worth of NEM tokens to hackers, and now in January 2019, the firm is back in business and has acquired an operating license rubber-stamped by the Japanse Financial Services Agency (FSA), according to a communique released on January 11.

From this point, the exchange will hope that the license restores public trust in their services, at least to some extent and allow it to become profitable once more.

CoinCheck’s Road Map To Resurgence After Hack Incident

Following the hack on January 26, 2018, Coincheck held an official press conference to explain the nature of the attack. The company paused fiat withdrawals on the platform within this period and said it would communicate a decision when they have come up with a decision on the best way forward.

In February, the exchange resumed the withdrawal of Japanese yen (JPY), and the gradual remitting and selling of cryptocurrencies between March and June of this year.

Since then, the company has been bought over by online stock broker Monex Group in April for $33.5 million which helped boost its activities in Q3. In October, Coincheck  resumed ‘new account openings’ and also started accepting customer deposits for purchasing major cryptocurrencies like Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH)

Also in November, Coincheck added support for NEM (XEM), the altcoin which was stolen by the hackers and subsequently reintroduced XRP and FCT purchases on their exchange.

Acquiring a regulatory license ramp up all of Coincheck’s effort within the last twelve months and it is now more likely than not that the crypto exchange is fully back to business.

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