Crypto Exchange Breaking News

Hacked cryptocurrency exchange Coincheck made 53.7 billion yen ($491 million) in profit for the fiscal year ending in March, according to financial data released on Thursday by parent company Monex.

The exchange, which in January succumbed to a record-setting hack that saw the attackers make off with $530 million worth of NEM tokens (XEM), raked in 62.6 billion yen ($573 million) in revenue, against just 8.8 billion ($8.1 million) in ordinary operating expenses.

Most of that profit occurred during the 10-month period prior to the hack, as the platform was only partially functional in February and March. Even so, the exchange made more than 500 million yen ($4.5 million) in operating income over this two-month span.

Remarkably, the exchange made a net pretax profit of 6.3 billion yen ($57.6 million) for the fiscal year, even after paying users 47.3 billion yen ($432 million) as compensation for losses they incurred as a result of the hack.

Japanese brokerage firm Monex Group acquired Coincheck in the wake of the hack, paying about $34 million for the disgraced exchange. One reason for the low sum is that it appeared unlikely that the country’s Financial Services Agency (FSA) would grant the company a license under its previous management structure.

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