Home / Cryptocurrency / Coincheck's cryptocurrency exchange reports a loss of $ 5 million in the third quarter

Coincheck's cryptocurrency exchange reports a loss of $ 5 million in the third quarter

Coincheck, the Japanese cryptocurrency trade that suffered a $ 520 million reduction in January, posted an increase in losses for the third quarter of 2018.

Monex Group, the Japanese brokerage firm that acquired Coincheck following the hack, published its financial results for the third quarter (the second quarter of the Japanese financial year) on Monday.

The group's cryptographic business segment, which reflects the Coincheck business, generated revenues of 315 million yen, roughly 2.8 million dollars, between July and September. In particular, that number represents a decrease of 66% compared to the previous quarter, during which Coincheck collected about $ 8.4 million.

Although the costs of the last three months in the cryptography segment have been reduced, Monex said that the consequence of the hack led to an increase in the loss, which rose from $ 2.3 million in the second quarter to $ 5.25 million ( 588 million Japanese yen) between July and September.

"Since the suspension of service in January 2018, Coincheck has allowed existing customers to sell their cryptocurrency," says the report.

In total, the group suffered losses of approximately $ 7.5 million from the time of the acquisition of the cryptocurrency exchange.

In January, hackers stole nearly $ 520 million in cryptocurrencies from Coincheck, which led to on-site inspections by regulators and a block to the acceptance of new customers. The Monex Group subsequently acquired the platform in April with a $ 33.5 million deal.

According to CoinMarketCap data, Coincheck has about $ 4 million in trading volume on the platform in the last 24 hours.

With approximately 1.7 million users, Monex Group said that Coincheck is currently working to create more complex and secure internal security and control measures in its quest to become a licensed platform in Japan.

According to the deposit, Monex currently has 1,025 employees worldwide, about 15% of which are focused on the cryptographic resources segment.

Image of the Japanese yen via Shutterstock


The leader in blockchain news, CoinDesk is a point of reference that is committed to the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in criptovalute and blockchain startups.

Source link