Rival tokens also slipped, with Ripple, Ether and Litecoin declining at least 1 percent.įollow HT Tech for the latest tech news and reviews, also keep up with us They have since climbed back above $10,000. Coincheck said it would still move forward with its application to secure a license.īitcoin slipped to a low of $9,523 on Thursday in Tokyo, extending overnight losses, according to prices compiled by Bloomberg. The FSA has come under fire for allowing 16 exchanges, including Coincheck, to operate while they await a decision on their applications under a revised licensing system introduced last year. Coincheck, the Tokyo based cryptocurrency exchange which suffered the second largest heist in history losing 523 million NEM tokens in January, has been. Otsuka said Coincheck will comply with the order. The government watchdog told Coincheck to revise its management structure, improve anti-money laundering procedures and submit a report by March 22. Still, with NEM trading at such a steep discount since the January attack, that means the hackers now own a stash worth considerably less than what the victims stand to receive in compensation.Įarlier on Thursday, the Financial Services Agency ordered Coincheck to make further improvements and penalized six other exchanges. NEM prices rose as much as 7 percent after the exchange said it will start compensating users. Since the theft, NEM prices have plummeted and were trading at about 30 cents before Coincheck's announcement on Thursday. Koichiro Wada, chief executive officer, said the exchange made enough money from spread trading to fund the payback, which amounts to 88.549 yen for each of the 523 million stolen NEM coins.
One of the leading crypto platforms in Asia. Two days after the hack, Coincheck announced it would use company funds to reimburse all of those who lost money in the theft. Coincheck is a cryptocurrency centralized exchange (CEX) with a global community and a key user base in Japan. Customers have withdrawn about 60 billion yen ($566 million) in cash since the incident, he said. Yusuke Otsuka, Coincheck's chief operating officer, told reporters that the exchange has bolstered its security measures and is working to compensate users. Read more about how $500 Million in digital currency might be laundered.
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