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Coincheck Bounces Back: XRP Trading Is Restored 10 Months after $530 Million Hack

It is true that Coincheck has had a rough couple of months, but they are not backing out of the fight. This unique crypto exchange has set the ball rolling again with both the FCT and XRP tokens to recommence trading operations immediately from 26th November.
An official statement was released on Coincheck’s website with the endorsement of Toshihiko Katsuya, the president of the company. The statement revealed that as from Monday, business activities like sales and deposits related to the two digital assets will start again, albeit partially. In addition to this, there will be other secondary services that will go side by side with the token activities.

The Crypto Attack that Shook Japan

News about the villainous crypto theft which left the Japanese crypto economy in despair was all over the place in January. The incident is also referred to as the largest robbery to hit the crypto economy in the history of the business. Why wouldn’t it bear that title when a whopping $530 million was lost in the form of NEM tokens? Anyway, this led to the strict measures that was adopted by regulatory bodies to ensure that nothing like this ever happens again in Japan’s crypto exchange.

The Return of Coincheck

Here is the translated extract from the statement which Coincheck released originally in Japanese:

“…In connection with unauthorized remittance of the virtual currency NEM due to unauthorized access occurred on January 26, 2018, the Company suspended the services partially in order to investigate the cause of customer asset protection and unauthorized remittance, and formulated a business improvement plan. In implementing this plan, we have tried to improve our management control system and internal control system. In addition, with the cooperation of external experts who carried out a step-by-step safety audit, we have restarted the service that enables the receipt, purchase, and exchange of XRP and FCT.”

From the above statement, we can see that the number of approved cryptocurrencies allowed on Coincheck ecosystem has increased to 9 now that XRP and FCT tokens have become functional again. This comes after other trading services like Litecoin, Bitcoin, NEM, Bitcoin cash, Lisk, Ethereum, and Ethereum classic have resumed operations.
Furthermore, Coincheck has observed a surge in their platform’s traffic and has made it known that such occurrence may temporarily bring about a reduction in the accessibility of their platform by customers either for business purposes or to simply inquire about a matter. Therefore, the company has made it known that they own the right to suspend all trading activities on a temporary basis without first alerting their customers in the event of a spike in the volume of transactions. This means that though the trading of FCT and XRP tokens have been restarted, such activity may be stopped for some time upon the discovery of fresh problems.

What Now?

This direction symbolizes a turn of events with regards to the platform’s fortunes because, for quite a while, ambiguity has surrounded the restoration of the exchange service. According to the report made available on the 1st of November, Oki Matsumoto, the president of Coincheck had misgivings about the possibility of accepting new users upon the reopening of the platform. This is because the ability to acquire a new official authorization from the official body called Japanese Financial Standards Authority is dependent on that decision and this comes after going through with an extensive security and management renovation.