Coincheck to sell its Bitcoin SV [BSV] holding and reimburse users with Japanese Yen

Earlier today, Coincheck, a digital asset exchange platform based in Japan, announced that they will be selling the BSV generated via the hard fork, which took place in November 2018, for fiat.
According to the recent announcement, users of the platform were made aware of this step a day after the hard fork, i.e., November 16, 2018. All eligible users who owned BSV in their accounts following the hard fork, will now have Japanese Yen in their trading accounts. The fiat so issued will be in accordance with the BCH held by the user.
The exchange stated that only users with BCH in their “Trading account” and “Lending virtual currency account” will not be granted with Japanese Yen. It also added that the fiat so sent to customers could be lower than the market price of the coin, and that there would be a withdrawal fee charged for JPY.
Further, the platform stated that they won’t be releasing information pertaining to the date and time of the sale, as it could affect the market price of the currency. The exchange also clarified that such action was being taken only for BSV, and not any other token.
PaidSockPuppet, a Redditor, said,
“So, they’re either selling the BSV on the market and then giving the customers fiat, which means the exchange is deciding when and how to sell their customer’s property, or they are buying up their customer’s BSV with no chance for the customers to choose. Either way, it sounds like a pretty shitty deal for the customers. They should get to choose.”
Mitsuki Yoshizawa, a Twitterati, said,
“I feel that there is no credibility of Coincheck anywhere to dispose of human property.”
The post Coincheck to sell its Bitcoin SV [BSV] holding and reimburse users with Japanese Yen appeared first on AMBCrypto.
Source: AMB Crypto

Mt. Gox’s Mark Karpeles Found Guilty Producing Illegal Records, Gets Suspended Term

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Mt. Gox’s Mark Karpeles Found Guilty Producing Illegal Records, Gets Suspended Term
Mark Karpeles, who presided over the dramatic 2014 collapse of the world’s biggest cryptocurrency exchange Mt. Gox, was found guilty of tampering with financial records but will likely avoid jail time after receiving a suspended sentence.
Mt. Gox’s Mark Karpeles Found Guilty Producing Illegal Records, Gets Suspended Term

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Source: CoinSpeaker

Bitcoin [BTC] wallet and exchange Coincheck makes a come back, aided by Monex

A year after a notorious theft, the Bitcoin [BTC] wallet and exchange service provider, Coincheck seems to have gotten back on track. A report released by its parent organization, Monex Group, for the third quarter of the fiscal year 2019, has revealed that Coincheck has managed to score an optimistic trading volume, shortly after resuming its operations.
The exchange restarted its new account openings, and other related services, after a brief pause, for all tradable digital assets by the end of 2018 and officially registered as a crypto exchange on January 11 earlier this year.
Coincheck, on its official Twitter handle, posted:
“Notice concerning Registration of virtual currency exchange. Coin Check Co., Ltd. has completed registration with the Kanto Financial Bureau as a virtual currency exchange agent based on the Act on Funds settlement on January 11, 2019.”
As of December 2018, the number of Coincheck app downloaded catapulted to 1.73 million, out of which 0.9 million users identities have been confirmed.
The paper released by the Monex Group Inc. for the financial results for the fiscal year ending March 32, 2019, stated:
“Cryptocurrency trading business will be a key to enhance cross segment interaction, leading to expand business capability and create new customers.”
A loss of $5.39 million was reported by Coincheck in the previous quarter, however, the losses curbed to $2.97 million in the latest quarter. Revenue generated in the latest quarter also soared to $4.59 million from the previous quarter’s $2.75 million.
The document further expounded a thriving customer base where the millennials are the majority.
Coincheck underwent a major hack on January 2018 where nearly $534 million worth of NEM [XEM] tokens were stolen. Consequently, a shut down of its operations was followed by the acquisition of the exchange by Monex for $34 million in April last year. Monex had previously affirmed that certain Coincheck activities have been stalled and instead, it has established an all-new Blockchain Lab [BCLab] to provide Bitcoin and cryptocurrency solutions to various other companies.
The acquisition has been a major relief for the exchange, as Monex has not only taken an initiative to turn the previously dubious course of the company in the path of profitability but have also reworked the entire security feature of Coincheck and managed to refund the users who were victims of the hack even though no money was recovered after the grand theft.
The post Bitcoin [BTC] wallet and exchange Coincheck makes a come back, aided by Monex appeared first on AMBCrypto.
Source: AMB Crypto

1-Month Left of Funding: Hack and Crypto Winter Deal NEM a Major Blow

The current bear market, or Crypto Winter as it is often referred to, has forced many solid projects to lay off employees and take a good hard look at their operational expenses and cash flow in order to make necessary changes to survive.
One particular cryptocurrency had an especially bad year, and due to the impact of an extremely high-profile exchange hack and the arduous bear market, the development team supporting the project is down to their final month of funding, and are throwing a Hail Mary in order to survive.
NEM Foundation: “One Month Left in Funding”
In a “message to the community” posted by the NEM Foundation on the project developer’s official forum, the team behind the NEM cryptocurrency revealed they were “facing challenging budget decisions.”
According to the post, the NEM Foundation team has been meeting a few times per week since December after the bear market reached new lows. The NEM Foundation devised a major restructuring of their C-level executive team, and required individual teams to begin reporting into the new executive structure with an added focus on “reporting metrics and delivering ROI.”
The NEM Foundation further explained that they were faced with the difficult reality of “having one month left in funding,” and would be forced to “put everything on hold,” and wouldn’t be able to “support” the team’s current “headcount,” suggesting that layoffs are looming.
Related Reading | Crypto Exchanges Begin to Shutdown: Bear Market in Full Force
The NEM Foundation has a plan, though. They are proposing a new budget based on a reduced burn rate. The team claims that it will allow them to “deliver ambitious results with responsible use of reserves.”

“We are in a tough spot like many others in this space. It is our duty to act quickly to ensure the longevity of the NEM Foundation ecosystem and development,” the message revealed.

Dear #NEM Community,
It’s been about one month since the new council started, and a lot has happened. We are committed to transparency, so we are pulling back the curtain with some good news, some difficult news, and some major #announcementshttps://t.co/OZo4fqkwLo pic.twitter.com/LmdkpzBGbu
— NEM (@NEMofficial) January 31, 2019

The NEM Foundation remains steadfast in their belief that they “can solve this.”
NEM Begins 2018 in Top Ten Crypto, Falls From Grace After Hack
Like the NEM Foundation, many others have suffered during the bear market. Ethereum-focused blockchain startup incubator ConsenSys and even the billion-dollar Bitmain were forced to lay off staff as a result of revenue streams drying up.
However, NEM was hit especially hard during the 2018 bear market, and its extension into 2019 could deal a death blow to the project.
The fall from grace began after Japanese cryptocurrency exchange Coincheck was hacked, losing a record $530 million in NEM tokens. The theft is the largest the industry has ever experienced, and set off a chain reaction of regulatory changes following the country’s Financial Services Agency taking a closer look into exchanges in the region.
Related Reading | Japan’s FSA Raids Coincheck Offices Following $500 Million Hack
According to a historical snapshot from CoinMarketCap from mid-January of last year, NEM ranked #7 in the top 100 cryptocurrencies by market cap, with a price of $1.07. Another snapshot taken just one month later shows the cryptocurrency had fallen out of the top ten with a price of $0.39. However, it’s worth noting that most cryptocurrencies fell significantly that February.
Today, NEM has fallen 96% to $0.04 and is at risk of its development team running out of funding. While the percentage decline is typical of most cryptocurrencies, NEM was hit particularly hard due to the Coincheck hack that set the tone for the future of the cryptocurrency.
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Coincheck Owner Monex Warned Clients on New Scam “Monex Coin Management”

Monex Group Inc., the firm which has acquired Japanese hacked Coincheck is claiming that a firm with a similar name is targeting its clients. Consequently, the Monex Group has released a caution announcement, detailing its clients about the scam.
 Scammers Impersonating Monex Group
According to the statement released by the Monex Group Inc, a new crypto startup called ‘ Monex Coin Management’ (マネックスコインマネージメント) is representing itself as the affiliate of the Monex Group and therefore targeting its clients. In fact, the firm is seeking clients to use its ‘automated trading system’ which is more likely appears as it’s a service from Monex Group Inc. Following the attempt, Monex Group Inc. has released a caution notice on its official website, addressing its clients about fake representation’.

The announcement notes that the Group has no relation to the firm ‘Monex Coin Management’. With this, it advises clients ‘not to respond to such solicitations’.
To note, Monex Group Inc. acquired Coincheck during April 2018 and very recently obtained a green signal from FSA to restart the Crypto trading operation. The details of the Monex Group registration with Kanto Financial Bureau as Crypto exchange agency as per the Payment Service Act have already been reported by Coingape. It states;
With the registration as a cryptocurrency exchange agency serving as a milestone, Coincheck strives to continue offering reliable services for our current and prospective customers in a safe and stable manner. Coincheck is also committed to further strengthening security and enhancing usability.
The post Coincheck Owner Monex Warned Clients on New Scam “Monex Coin Management” appeared first on Coingape.
Source: CoinGape

Crypto Exchange Coincheck to Receive Full Licensing from Japanese Authorities

Coincheck, the crypto exchange that lost over $500 million in investors funds in early-2018, is now close to receiving full licensing from Japan’s Financial Services Agency (FSA), signaling that the exchange tightened their platform’s security and cleaned up the management practices that led to the hack.
The news regarding the regulatory authority’s decision to issue the exchange their operational licensing was first reported by Nikkei Asian Review, who stated that the license will be issued by the end of 2018.
Crypto Exchange Regulation to Reduce Chances of Future Hacks
As reported by Nikkei in January of 2018, the hack, which resulted in the theft of NEM tokens, was the direct result of poor security features and exchange mismanagement, which led to multiple vulnerabilities that encouraged hackers to target Coincheck over other, more secure, platforms.
Koichiro Wada, the chief executive officer of Coincheck, spoke to Reuters about the reasons behind the platform’s vulnerability, and blamed the lack of experienced employees for the platform’s flaws.
“We were aware we didn’t have enough people working on internal checks, management and system risk. We strived to expand using headhunters and agencies, but ended up in this situation,” he said.
Following the hack, the FSA swiftly moved to enforce regulations on crypto exchanges that would hold them to similar requirements that banks are held to, scrutinizing their business plans, ensuring that anti-hacking measures are in place, and that the management team is being held to high standards.
The FSA issued two separate improvement orders to Coincheck after the hack occurred, and on both occasions found that it lacked sufficient safeguards to protect investor’s funds and to prevent money laundering from occurring.
Coincheck Trading Volume Drops, Exchange Begins Restoring Trading Services
Although the exchange refunded all the lost funds to investors, the news regarding their platform’s issues has led to a declining trading volume that signals that the damage to the exchange may be irreversible, regardless of the receipt of their licensing from the FSA.
The exchange’s trading volume, which has been continuously dropping due to the declining crypto markets and decreased investor confidence in the platform, is currently sitting at just under $24 million USD according to CoinMarketCap.
Coincheck resumed new account openings and customer deposits in late-October, initially only resuming trading for four cryptocurrencies, and limiting new accounts to Japan residents exclusively. It wasn’t until November that the platform resumed NEM trading, and only a few weeks ago they revealed that they would resume trading for XRP and FCT tokens.
A translated statement from Coincheck regarding the re-listing of XRP and FCT reads in part:
“In connection with unauthorized remittance of the virtual currency NEM…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. In implementing this plan, we have tried to improve our management control system and internal control system. In addition, with the cooperation of external experts who carried out a step-by-step safety audit, we have restarted the service that enables the receipt, purchase and exchange of XRP and FCT.”
It is likely that the exchange will be slowly restoring full trading services leading up to the issuance of their licensing at the end of the year.
Featured image from Shutterstock.
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Coincheck To Receive License From Japanese Regulators Nearly A Year After The Hack

Not many cryptocurrency exchanges have been able to get back on track after suffering a major hack.  And the one that has done it has strived for quite some time get back to glory days. Well looking at this trend, it seems Coincheck has done some tremendous work and is about to be licensed by the Japanese regulator within a year of its hack
Coincheck has taken tremendous measures to improve operations
Most part of 2018 has been a tough year for Japan-based crypto exchange, Coincheck but looks like they are going to enter 2019 with a much brighter smile. With a year of being hacked and within a month of restoring back operations looks like the exchange would soon receive its cryptocurrency exchange license from Japan’s Financial Services Agency.
Coincheck began 2018 on a bad note as it was reported that the exchange had informed the authorities of an “inappropriate transfer” of $532 mn worth of NEM. The hack was so big that NEM Foundation president Lon Wong called the stolen funds “the biggest theft in the history of the world.” This hack forced Japanese regulators to intensify scrutiny on domestic exchanges.
The hack also forced the exchange to change its shareholder composition and other management system and in April 2018 Japanese financial services provider Monex Group announced that it will acquire 100 percent of shares of Coincheck Inc. Since then the exchange has functioned as a wholly owned subsidiary of Monex Group.
At the time of hack Coincheck was Japan’s largest cryptocurrency exchange and after being hacked, the FSA had twice ordered the exchange to improve its business operations; the agency found it was unprepared in regard to customer protection and money laundering.
This time the regulator seemed satisfied and after looking at the improved customer protection and other systems that are now put up Monex Group, the regulator decided to grant the license
According to Nikkei Asia that broke this news, The FSA’s decision to grant a license to Coincheck is expected to trigger the resumption of the agency’s approval process. Nearly 200 companies are said to be waiting for licenses. In deciding whether to grant licenses, the FSA will continue scrutinizing business plans, anti-hacking measures and the effectiveness of shields put up against other misconduct.
After having lost its face, the complete resumption of services for all cryptocurrencies and the license should help Coincheck return to its glory days sooner. A hack is always a miserable thing for an exchange and Coincheck’s revival should definitely work as an example for other exchanges. One will have to see what plans does Monex have in mind with respect to Coincheck now.
Will Coincheck be able to get back to its glory days? Do let us know your views on the same.
The post Coincheck To Receive License From Japanese Regulators Nearly A Year After The Hack appeared first on Coingape.
Source: CoinGape

Victim of the ‘Biggest Crypto Theft in History’ Coincheck Resumes XRP Trading

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Victim of the ‘Biggest Crypto Theft in History’ Coincheck Resumes XRP Trading

Coincheck is actively resuming its depositing and purchasing after a theft. Now XRP and FCT will be available for the platform’s customers.

Victim of the ‘Biggest Crypto Theft in History’ Coincheck Resumes XRP Trading

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Source: CoinSpeaker

NEM Price Boosts as Recently Hacked Coincheck Re-enables Trading

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NEM Price Boosts as Recently Hacked Coincheck Re-enables Trading

NEM experiences sudden surge, climbs to nine-week high after coincheck relists the token.

NEM Price Boosts as Recently Hacked Coincheck Re-enables Trading

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Source: CoinSpeaker

Cryptocurrency Trading Update: NEM Back Over $1 Billion Market Cap

FOMO Moments
Markets are still generally flat; Nem, Zcash, XRP, and Iota climbing, Stellar and MOAC sliding.
Red is still dominating most cryptocurrencies this morning as the slow selloff continues. Downward pressure has eased somewhat though and total market capitalization has not fallen that much overnight, it remains above $210 billion for now.
Over the past 24 hours Bitcoin has dropped a little further falling to $6,365. It remains supported at $6,300 but the weekly trend is downwards and BTC has lost almost 3% on the week. Ethereum is showing no positive signs either and remains in a downwards spiral dropping below $210 again.
At the time of writing all of the altcoins in the top ten are red with the exception of XRP which has added 3.5% on the day to take it to $0.521. CEO Brad Garlinghouse met with IMF’s Ross Leckow at the Singapore Fintech Festival yesterday to discuss developments for the ASEAN region. The rest have lost less than a percent on the day aside from Stellar which is down over 3% at the moment.

The top twenty is showing a lot more activity with NEM surging ahead and posting over a 20% gain on the day to take it to $0.119. XEM took off last night when trade volume surged from $5 to $70 million in a few hours. Coincheck has resumed trading which has driven momentum for Nem over the past 24 hours. Its market cap is back over a billion for the first time in over two months.
Zcash is also performing well at the moment gaining 7% on the day to take it to $135. Also in the green is Iota, up 2% on a Bosch post about bridging data communications from its IoT sensors to the Iota Marketplace.
NEM’s big jump today is the top one hundred’s fomo winner. Joining it at the top is Eternal Token which has spiked 13% as trade surges on the IDAX exchange. Chainlink is also having a good morning, up 12% on the day. At the messy end of the top one hundred chart is MOAC and Waltonchain, predictably dumping their recent gains by 8 and 6 percent respectively.
Total crypto market capitalization is currently at $212 billion with no movement since the same time yesterday. Trade volume remains flat at $13 billion and aside from the odd pump and dump for some of the lower cap altcoins there is little to report, the tedium continues.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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NEM Skyrockets as Coincheck Resumes Trading, Altcoins Trade Up Amidst Bitcoin Stability

NEM (XEM) is currently trading up nearly 20% as cryptocurrency exchange Coincheck resumes its normal trading activity.
NEM’s meteoric price rise comes amidst overall market stability, with Bitcoin (BTC) trading steadily at $6,400, and most altcoins trading up.
At the time of writing, Bitcoin is trading at $6,400, recovering from a slight dip into the mid-$6,300 region. Bitcoin is still trading firmly in its long-established trading range between $6,200 and $6,700, and its prolonged sideways trading trend has proved to be a positive thing for the altcoin markets.
Currently, NEM is leading Monday’s market surge, trading up 17.8% at its current price of $0.11. Following Coincheck’s announcement that they were resuming trading activity on their exchange, NEM surged to highs of $0.114, before falling to $0.103 as a result of profit taking. Its price has since climbed back up and is currently sitting near its current highs.
NEM’s sustained price pump has also been fueled by rising trading volume, which jumped from about $5 million prior to the Coincheck announcement, to its current levels of over $48 million.
Following the massive $500 million hack Coincheck was the victim of early this year, the exchange has had a difficult time fixing their management issues, security issues, and meeting the new, stricter, regulatory requirements being set forth by Japanese regulators.
The Tokyo-based exchange first announced that they would be resuming new account openings and customer deposits in late-October, but limited the cryptocurrencies available to trade to BTC, ETC, LTC, and BCH.
Related Reading: Cryptocurrency Market Update: Has NEM Awoken
Altcoins Trade Up
Although NEM has thus far been the leader of today’s cryptocurrency market surge, other altcoins have posted gains as well.
At the time of writing, XRP is the highest preforming major alt, currently trading up nearly 4% over the past 24-hours, at its current price of $0.52. XRP has had a choppy week of trading, first rising to highs of $0.56 on November 6th before falling to lows of $0.49. Since then, its price has gradually drifted upwards towards its current levels.
Bitcoin Cash (BCH) is one of today’s worst performing major alts, currently trading down just over 1% at its current price of $520. It is currently down 18% from its weekly highs of $635.
Bitcoin Cash’s poor performance over the past few days comes after it witnessed a massive rise from lows of $415 in mid-October, to highs of $635 earlier this week. This rise was fueled by increased buying volume stemming from the imminent hard fork event which is scheduled to occur in three days, on November 15th.
Many investors expected its price to continue rising prior to this event, but it now appears that investors are less interested in acquiring the forked units than they are in profiting from its rise prior to the event.
Featured image from Shutterstock.
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Coincheck Resumes New Account Openings, Customers Deposits

Coincheck, the Tokyo-based cryptocurrency exchange victim of a $500 million worth theft, has resumed new account openings, customer deposits, and purchasing of some digital currencies.
The operator had suspended some services following the late January incident in order to protect customers’ assets and investigate the cause of hacking.
Coincheck Exchange Resumes Trading of BTC, ETC, LTC, BCH, New Accounts Exclusive for Japan Residents
The theft of $500 million worth of NEM in early 2018 caused alarm in Japan, forcing the hand of the country’s financial watchdog, the Financial Services Agency (FSA), to be more demanding of cryptocurrency exchanges operating in its jurisdiction.
Coincheck has improved its governance and internal control throughout the year in order to safely restart its activities, the company explained in the announcement.
“In particular, we resumed JPY withdrawal in February 2018 and remitting and selling of cryptocurrencies gradually during the period from March to June 2018. And now, here we announce that Coincheck has resumed “new account openings” and “customers’ depositing and purchasing some cryptocurrencies” services today.”
The cryptocurrencies made available for deposit are BTC, ETC, LTC, and BCH, which are also available for purchase. Bitcoin trading on Coincheck was never suspended and users were always able to sell any cryptocurrency on their portfolios.
New account openings are only available for customers residing in Japan. The registration process includes the submission of identification documents and a KYC check, before receiving a postcard-sized letter from Japan Post instructing the account activation.
Coincheck requests existing customers to generate a depositing address when reusing the depositing service. If a remittance is sent to the old deposit address, the operator will not reflect it on the user’s balance nor return it back.
The operator, which was acquired by Monex Group for $33.5 million, warns customers that trading services may be temporarily suspended if the platform experiences a significant increase in the volume of transactions or sudden price fluctuations.
Coincheck is yet to resume depositing and buying of ETH, XEM, LSK, XRP, and FCT, as well as leveraged transactions for new positions, its affiliate service, JPY depositing through convenience stores, JPY quick depositing (Pay-easy), Coincheck Payment, and Coincheck DENKI (electricity). The services are expected to resume once they are confirmed safe and ready to be offered, the operator added.
In May 2018, the cryptocurrency exchange announced it was ordered to delist Monero (XMR), Zcash (ZEC), Dash and Augur’s Reputation (REP) in accordance with Japan’s FSA’s new policy which aims at banning cryptocurrencies that offer significant anonymity.
Featured image from Shutterstock.
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