Hacked Crypto Exchange Coincheck Plots Comeback In U.S

Hacked Crypto Exchange Coincheck Plots Comeback In U.S

cryptocurrency exchange News
May 18, 2018 by Sandra Onyeiwu
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Four months after Japanese cryptocurrency exchange Coincheck hack, the crypto exchange under its new owners is plotting a comeback. Coincheck has been spending a lot to improve security and restore confidence among customers who withdrew at least $ 540 million after the attack. After the hack, customers withdrew more than $540 million worth of funds
Bitzamp


Four months after Japanese cryptocurrency exchange Coincheck hack, the crypto exchange under its new owners is plotting a comeback.

Coincheck has been spending a lot to improve security and restore confidence among customers who withdrew at least $ 540 million after the attack.

After the hack, customers withdrew more than $540 million worth of funds from the platform, and its April volume was 95 percent lower than it was in December, its busiest-ever month.

This leaves Monex, which purchased the platform for $34 million plus an agreement to split profits for the next three years, with a tremendous uphill battle to rebuild the exchange’s reputation  and trading volume.

But the US expansion is more than just a ploy to expand into a market where the hack received less press coverage. Matsumoto explained;

“Japan may seem like it’s one step ahead in crypto, but in terms of deciding what’s a security or a token and attracting institutional investors, the US and Europe are moving ahead,” he said. “What the US decides will have a huge impact on Japan.” he said in an interview from his 25th floor office in central Tokyo.

 

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