Coincheck resumes services after $500 million hack

Coincheck, the Tokyo-based cryptocurrency exchange has announced in a press release that they will resume work by opening new accounts of users and help customers deposit and purchase cryptocurrency services after having lost $500 million due to a theft on January 26, 2018. Earlier, the exchange had halted certain services following the theft incident in late January. Services were halted in order to protect assets of customers and to find out the cause of hacking. This hack has caused the illegal remittance of NEM. As of now, the different cryptocurrencies available for deposit are Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH). The same coins were available for purchase as well, except for Bitcoin, for which the purchase wasn’t suspended due to the hacking incident. The exchange resumed exclusively for customers residing in Japan. Before the activation of account customers need to submit documents of identification and a KYC check, for which Japan Post will send a letter instructing the activation of the account. Coincheck requests users to generate a depositing address because if the remittance is sent to the old address, the exchange will not be able to reflect on the balance nor return back that particular cryptocurrency. In case of a significant increase in the volume of transactions or sudden fluctuation in prices, trading might be suspended temporarily, according to the exchange which was acquired by Monex Group for 33.5 million US Dollars. Coincheck will resume service of its other coins that include Ethereum (ETH), NEM (XEM), Lisk (LSK), Ripple (XRP), and Factom (FCT) once its affiliated services like JPY convenience stores, JPY quick pay, Coincheck payment, and Coincheck DENKI all are brought under action. As reported by BC Focus in May, Coincheck announced delisting of Monero, Dash and ZCash. See Also: Leading Asian Cryptocurrency Exchange Coincheck To Expand Its Footprint In the US Coincheck’s profit for the fiscal year is $491 million Image via Shutterstock  Join our Telegram group