One of the main issues with the cryptocurrency investment/trading world is the idea of security. No one wants to risk their hard-earned money in an attempt to trade and invest into cryptocurrencies, only to find out that the cryptocurrency exchange was hacked and compromised. The money was never recovered.
Unfortunately, one of the most high-profile hacks occurred with regards to Coincheck, a Japanese cryptocurrency exchange. The hack made international headlines because of the amount of money that was involved, which was over a half billion dollars. Many have compared it to the infamous Mt. Gox cryptocurrency exchange hack in 2014.
After the hack, it was clear that Coincheck was in trouble. As a result, Monex Group, a Tokyo-based financial group, saw an opportunity, considering that it has considered starting a cryptocurrency business of its own. Monex ended up purchasing Coincheck for around $33 million USD.
The idea was that Monex is much more in tune with regulation, and could help reinvent Coincheck as a more legitimate cryptocurrency exchange. Many have pointed out that Monex purchasing Coincheck means that it is much more likely to be approved to the Financial Services Agency, the Japanese regulatory agency. It certainly appears as though the move has paid off, especially considering Coincheck’s recent numbers.
Numbers Looking Good
Many have completely counted out Coincheck, considering the high-profile hack. However, it appears as though the cryptocurrency exchange might be making a solid comeback. Specifically, Coincheck, since it resumed operations in October of last year, has reported over 1.7 million downloads in that time period.
In addition, Coincheck has finally been granted an operating license by Japan’s Financial Services Agency, as well. While it will certainly take some time for the exchange to get where it was before the hack, it certainly appears to be making solid progress.