Coincheck Hack:

Alright last month as most of you probably know, there was a hack on the cryptocurrency exchange Coincheck (manely a Japanese exchange). A hack even bigger than the one that destroyed the markets a few years back (Mt. Gox). In which Mt. Gox was a hack of 450 million dollars at the time, while the hack of coincheck was over 500 million dollars. However, to my surprise the coincheck hack didn't hurt the markets as much than other things that week. Coincheck did end up temporarily closing their withdrawals. In the end though, this led to some skepticism from Japan and plenty of debt for coincheck to make up.

Withdrawals?:

Then just released, we found out that coincheck will be reopening withdrawals on February 13th this coming week, but only on the Japanese Yen. 

As a direct quote from coincheck they said  "Currently, assets of customers' Japanese yen are managed safely in customer's account of financial institution. From this, we resume the work related to withdrawal and we will resume the withdrawal in order from the following resume date: February 13, 2018." 

All bringing great news, because there has been a great deal of tension surrounding this issue and doing this solves some of the problems. Nonetheless, they still have an insane debt, and it will be hard to see what will happen now. Like once again, for such a big hack, I am shocked how unhit the market was. Also, as you can tell Japan is getting more into crypto regulation, but still remains one of the only countries that doesn't hate crypto. With that being said, I'll keep you updated on this issue, and see you in the next post! Feel free to leave any comments/upvotes/ or questions!

-Crypto DJ

 

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