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Author Topic: [2019-01-11]Cryptocurrency Exchange Coincheck Has Got A License  (Read 85 times)
Alex077
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January 11, 2019, 06:30:08 PM
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Cryptocurrency Exchange Coincheck Has Got A License

On January 11, the Japan Financial Services Agency granted Coincheck a license to trading cryptocurrencies.

In January 2018, hackers hacked Coincheck and stole about $ 530 million in cryptocurrency. The trading platform fully compensated the losses of traders and resumed its work in March last year. In April 2018, Monex Group purchased the exchange for $ 33.5 million. After 2 months, the exchange sent an application for a license.

In October last year, Coincheck started registration to new users and resumed the function of depositing funds. At the moment, there are trading pairs with such cryptocurrencies as Bitcoin, Ethereum, Ethereum Classic, Lisk, Factom, XRP, Litecoin, Bitcoin Cash and NEM. Daily Bitcoin trading volume is 3.829 BTC coins at the press-time..https://en.bit.news/cryptocurency-exchange-coincheck-got-license/


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January 11, 2019, 10:02:59 PM
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Lol they are still trading nem after that hack attack. Noob clowns who don't even know how to store stuff in cold storage. How hard is it to buy a hardware wallet or print a paper wallet and move coins into it

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January 12, 2019, 01:02:52 AM
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Lol they are still trading nem after that hack attack. Noob clowns who don't even know how to store stuff in cold storage. How hard is it to buy a hardware wallet or print a paper wallet and move coins into it

Indeed. If I were the regulator I would've kicked them in the balls for a solid week and fired every single one of them before even dreaming of letting them anywhere near crypto again. It's possibly the most pathetic set of circumstances regarding a hack so far, apart from that Polish one that deleted all of its private keys.

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January 12, 2019, 02:00:42 AM
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Lol they are still trading nem after that hack attack. Noob clowns who don't even know how to store stuff in cold storage. How hard is it to buy a hardware wallet or print a paper wallet and move coins into it

Indeed. If I were the regulator I would've kicked them in the balls for a solid week and fired every single one of them before even dreaming of letting them anywhere near crypto again. It's possibly the most pathetic set of circumstances regarding a hack so far, apart from that Polish one that deleted all of its private keys.

I assume it was quid pro quo for Monex stepping in and repaying all the victims. There's no way they would have bought Coincheck if there wasn't an implicit expectation that regulators would treat them favorably. I'm sure they've beefed up security significantly but it looks like the damage is already done. This volume is pathetic:

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Daily Bitcoin trading volume is 3.829 BTC coins at the press-time.

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January 14, 2019, 11:20:51 AM
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Although this news does not have any particular significance, I think the most important thing is that all losses are compensated, and that's good news for users, at least in Japan. They made a big mistake, they pay for it, and they certainly deserve a new opportunity. Since there is dozens of others crypto exchanges in Japan, probably Coincheck will have a tough job to restore confidence of users.

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January 14, 2019, 03:48:14 PM
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Although this news does not have any particular significance, I think the most important thing is that all losses are compensated, and that's good news for users, at least in Japan. They made a big mistake, they pay for it, and they certainly deserve a new opportunity. Since there is dozens of others crypto exchanges in Japan, probably Coincheck will have a tough job to restore confidence of users.

80% of the stolen funds belonged to Coincheck themselves. I imagine it would've been a rather different story if it had been 100% customer funds.

No idea why anywhere would bail out a tainted operation but I guess they'll know better than me.

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January 14, 2019, 05:44:12 PM
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Lol they are still trading nem after that hack attack. Noob clowns who don't even know how to store stuff in cold storage. How hard is it to buy a hardware wallet or print a paper wallet and move coins into it

Indeed. If I were the regulator I would've kicked them in the balls for a solid week and fired every single one of them before even dreaming of letting them anywhere near crypto again. It's possibly the most pathetic set of circumstances regarding a hack so far, apart from that Polish one that deleted all of its private keys.

Yup. Just goes to show how utterly useless & pathetic these "regulations & licenses" actually are.

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January 14, 2019, 06:58:56 PM
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Although this news does not have any particular significance, I think the most important thing is that all losses are compensated, and that's good news for users, at least in Japan. They made a big mistake, they pay for it, and they certainly deserve a new opportunity. Since there is dozens of others crypto exchanges in Japan, probably Coincheck will have a tough job to restore confidence of users.

They only done their responsibility, so i wouldn't say it's the most important thing. IMO the most important thing is either the exchange learn from their mistake and improve their security or the customer learn the risks of storing cryptocurrency on exchange.

80% of the stolen funds belonged to Coincheck themselves. I imagine it would've been a rather different story if it had been 100% customer funds.

They'd become next MtGox Grin

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January 15, 2019, 02:28:44 PM
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80% of the stolen funds belonged to Coincheck themselves. I imagine it would've been a rather different story if it had been 100% customer funds.

I admit that I missed this information, so only 20% is stolen users funds, and this is around 100$ million which is not a small amount but in any case it is much better then 500$+ million. I'm sure this would be a completely different story in that case, and this exchange would become another bitter pill for all hacked users.

They only done their responsibility, so i wouldn't say it's the most important thing. IMO the most important thing is either the exchange learn from their mistake and improve their security or the customer learn the risks of storing cryptocurrency on exchange.

At least they did not turn to new MtGox, but as gentlemand say only because they lost 80% of their money. Maybe they learn from this mistake, but users also learn something, so most of them switch to other exchanges. If I was one of affected users I would certainly think well before using this exchange again, but maybe Japanese users think different, time will tell.

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January 16, 2019, 07:28:32 AM
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First steps of governments to take control of their own? I think this is just the beginning. If Bitcoin becomes even more popular, in the next few years, governments will come up with ways to control cryptocurrency.
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