Coincheck Resumes Full Operations After Months of Post-Hack Suspension

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Coincheck Resumes Full Operations After Months of Post-Hack Suspension

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One of Japan’s largest cryptocurrency exchanges, Coincheck, announced today in a press release that it has resumed its trading activities on assets Ripple (XRP) and Factom (FCT), thus making all assets on its platform fully available for trade.

It finally resumes full trading activities with the deposits and buying of these two assets after months of suspension following a hack in January that left the exchange vulnerable with NEM cryptocurrency deficits worth USD 530 million.

The hack exploited the exchange’s hot wallet which prompted a sequence of security upgrades and an eventual USD 34 million buyout by Monex Group two months later.

In the document, the exchange clarified that it had taken actions to protect its clients, stating, “Coincheck had suspended certain services in order to protect the integrity of customers’ assets and to investigate the cause of the breach to its system.” The exchange’s activities were gradually resumed alongside several security upgrade verifications.

Firstly, they resumed JPY withdrawal in February 2018 running through March and June of this year. Next, the exchange resumed new account opening on 30 October followed by deposits and purchasing of some cryptocurrencies including BTC, ETC, LTC, BCH. Then, ETH, XEM, and LSK trading activities were resumed on 12 November, the exchange is fully operational with all tradable assets now available on the exchange upon the resumption of XRP and FCT services.

The expectations of customers would be built upon the rehabilitated exchange under the new management which promises to provide a secure environment for customers and to grow sustainably as a socially valuable cryptocurrency exchanger.

Further, Monex will combine its expertise with that of Coincheck, leveraging on their experience in the financial industry and with the blockchain technology.

 

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