Coincheck: 3 Facts You Must Know about Japan Largest Exchange Service
Have you heard about the huge huckers attack hit one of Japan’s largest digital currency exchanges?
Stay with Nexter.org to know everything about Coincheck bitcoin exchange service.
What is Coincheck?
Coincheck is a bitcoin wallet and exchange service headquartered in Tokyo, Japan. It operates exchanges between bitcoin/ether and fiat currencies in Japan, and bitcoin transactions and storage in some countries worldwide.
You can trade not only Bitcoin but also other cryptocurrencies such as Ethereum and Ripple.
Coincheck started in August 2014 and is operated by Coincheck, inc. (Previously ResuPress, inc) (founded in 2012). As of August 2016, the exchange had over $160 million transactions per month.
The Coincheck hack
Source: japantimes
You probably have heard about major hackers attack when $530 million were stolen from users.
This case raised questions about security and regulatory protection in the emerging market of digital assets.
Company chief operating officer Yusuke Otsuka said 523m NEMs had been sent from Coincheck’s NEM address during the breach.
“It’s worth 58bn yen based on the calculation at the rate when detected,” he told reporters at the Tokyo Stock Exchange.
What’s next?
The important thing about all of it is that for the first time users will get their money back as the Coincheck promised to partially repay all 260,000 users who lost money. Although it didn’t say when it would do so or where it’s getting the money from.
NEM prices surged 21 percent to $1.03 as of 12:31 p.m. Tokyo time, according to prices on coinmarketcap.com. Other cryptocurrencies including Bitcoin, Ether and Litecoin also gained.
See also:
Millionaires by Accident: 50 Cent and Other Lucky Bastards Who Got Rich on Bitcoins
Bitcoin Crash: Should You Worry About the 30% Price Drop?
