Coincheck Users Pulled $373 mln in a Day

February 15, 2018

Japanese cryptocurrency exchange Coincheck which fell victim to the largest hack ever recently has reestablished a feature to withdraw funds in Japanese yen. Users got a move on with this and pulled over 40 bln yen or 373 mln dollars during the first day.

9 февраля Coincheck claimed on February 9, prohibition on funds withdrawal would be cancelled soon. As the exchange admitted afterwards, about $373 mln have been moved out in the course of the first day after the ban repeal.

Remember, at the end of January 2018 unknown hackers thieved the exchange accounts for NEM tokens to the tune of more than $530 mln. As Coincheck stated later, it would not be able to compensate stolen funds in full.

The hack forced the Japan authorities to assume measures towards local cryptocurrency exchanges and conduct thorough inspection. In the view of its results Financial Services Agency of Japan has claimed, it cannot grant Coincheck and 15 other cryptocurrency exchanges full license for carrying on their business as some severe vulnerabilities have been found there.

Enormous amount pulled by Coincheck users proves, traders and investors do not trust the exchange anymore. Regardless of this, the company continues operating, as Coincheck CEO Yusuke Otsuka noted.

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