The year 2018 has not been overly pleasant for the Coincheck exchange. After suffering from a major hack, the company had to overcome a big deficit. In more positive news, the platform was acquired by Monex Group earlier this year. Customers will soon be able to access cryptocurrency services again and register new accounts.
Coincheck Moves Forward Again
After the hack affecting Coincheck, a lot of questions remained unanswered. Numerous Bitcoin exchanges have been hacked and became defunct in the past. However, this exchange is enjoying a different fate. That is primarily because Monex Group decided to acquire this company several months ago.
In an effort to keep moving forward, both companies issued a joint press release. Coincheck reopens its signup process to let users create an account. Additionally, deposits have been opened for select cryptocurrencies. That list includes Bitcoin, Ethereum Classic, Litecoin, and Bitcoin Cash. Users can also purchase these currencies once they access the trading platform.
Because of this change, users may experience some minor issues. The company informs clients their services may become “difficult” as more users access them. Any major change in volume or fluctuations will potentially result in a temporary suspension of trading. Fiat currency support is resumed in the form of depositing and withdrawing JPY. Margin trading and cryptocurrency lending are also available yet again.
What About NEM and Other Currencies?
The main impact of the Coincheck hack was the stolen NEM amounts. Surprisingly, this altcoin will not be supported initially as services resume. The press release mentions NEM, along with other currencies, will be resumed in the near future. When that will be exactly is unclear at this time.
It is evident cryptocurrency exchanges can pose significant risks to traders and speculators. Any hack on this scale can cause major problems for the affected currencies and the industry as a whole. Coincheck is taking strides to strengthen their risk management system. Additionally, the company is also revising its policies for listing additional cryptocurrencies and tokens.
For the cryptocurrency industry, it is positive to see Coincheck resume its services, albeit in a limited fashion. This first step is crucial. The company now needs to reestablish trust with its customer base. That can be rather problematic, as the January hacking incident is still fresh in people’s minds. Even so, this is another example of how resilient the cryptocurrency industry really is.
What do you think about Coincheck resuming services? Let us know in the comments below.
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