Opinions

Coincheck Resumes XRP Trading

After being victim to $500 million theft, Coincheck suspended most of its activities. Now, almost 11 months later, the platform has resumed trading for Ripple (XRP) and Factom (FCT). 

Coincheck was recently acquired by Japan’s Monex Group.

It fell prey to a hacking attempt where the attackers made off with about 58 billion yen (approx. $533 million). To protect further damages to customer data and deposits, Coincheck suspended its activities and has been working with professional to ensure that history doesn’t repeat itself.

Coincheck never went into details about what went wrong or who was to be blamed.

In a press release dated for 26th November (today) Coincheck announced the pick-up-where-we-left news.

‘In connection with unauthorized remittance of the virtual currency NEM due to unauthorized access occurred on January 26, 2018, the Company suspended the services partially in order to investigate the cause of customer asset protection and unauthorized remittance, and formulated a business improvement plan And by implementing it, we have tried to improve the management control system and internal control system. In addition, with the cooperation of external experts, we have restarted the service which has confirmed the technical safety step by step, but due to the receipt of money and purchase resumption of XRP · FCT this time, all the It is possible to trade virtual currency.’ — Coincheck Press Release

Coincheck also included a precautionary list with the initial announcement, mentioning that with the re-institution of the service, customers might have difficulty accessing and using the platform.

‘Due to increased access, there is a possibility that it will be difficult to temporarily connect to the service and inquiries.’ — Coincheck Press Release

Coincheck also holds the right to suspend activities anytime it might see a potential obstruction.

But with all the works done to make things go right, it looks like things may start working for Coincheck.

Happy trading!

 

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Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Email: sarim@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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