Hacked Crypto Exchange Coincheck Relists Ripple, Factom

Hacked Crypto Exchange Coincheck Relists Ripple, Factom

Japanese crypto exchange Coincheck has relisted the final two digital currencies from its original lineup, Ripple (XRP) and Factom (FCT), after losing half a billion dollars’ worth of cryptocurrency in a hack earlier this year. The move brings the exchange back to a semblance of its earlier operations. 

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Rebuilding Lost Trust

Coincheck’s parent company Monex Group, an online brokerage and securities trading firm, has announced the resumption of XRP and Factom (FCT) trading on the Coincheck platform.

Following the announcement, both XRP and FCT saw temporary surges in their respective prices. 

Monex emphasized the digital currencies were relisted after the firm obtained a technical safety audit from external experts. A total overhaul of Coincheck’s security model and internal management structure has been facilitated by the company over the past few months.  

Coincheck finishes relisting its original lineup with XRP and FCT.

To date, Coincheck has resumed the following services: new account sign-ups for Japanese nationals, customer deposits in yen, and cryptocurrency trading and lending services.

Monex’s announcement also highlighted that other services, such as leveraged transactions, are due to resume soon.  

Reentering the Competitive Japanese Trading Turf

In October 2018, Monex similarly declared Coincheck’s relisting of ether, Lisk, and NEM — NEM, of course, being the digital currency that was the focal point of the exchange’s already infamous $530 million USD heist.

Ten months ago, Coincheck saw $530 million worth of NEM tokens stolen by unknown cybercriminals. In April, Monex agreed to acquire Coincheck after the exchange fell short of funds to reimburse its customers following the record-breaking hack.

Initially, Coincheck’s license to operate as a crypto exchange was terminated by Japan’s financial regulator, the Financial Services Agency (FSA).

As a result, the FSC asked Monex to first address security vulnerabilities and then reapply for a license. That license has now been restored, and Coincheck is making moves accordingly.

Last month, the Japenese exchange reopened withdrawals and deposits for bitcoin, bitcoin cash, litecoin, and ethereum classic.

Will traders put their trust in Coincheck once more? Share our views in the comment section.

Images via Pixabay

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