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Coincheck
FoundedTokyo, Japan (August 2014 (2014-08))
HeadquartersTokyo, Japan
Area servedJapan
OwnerMonex
Founder(s)Koichiro Wada
Yusuke Otsuka
ProductsBitcoin exchange and wallet service
URLOfficial website

Coincheck is a Japanese bitcoin wallet and exchange service headquartered in Tokyo, Japan, founded by Koichiro Wada and Yusuke Otsuka. It operates exchanges between bitcoin, ether and fiat currencies in Japan, and bitcoin transactions and storage in some countries.[1][2]

In April 2018, Coincheck was acquired by Monex Group for 3.6 billion yen.[3] (US33.4 million)

Coincheck since 2016 has been the trademark name of a numismatic supply company located and trademark registered in the United States since 2016.[citation needed]

History

Coincheck started in August 2014 and is operated by Coincheck, inc. (previously ResuPress, inc) (founded in 2012). There were then more than 2,200 merchants using their bitcoin payment solution, just in Japan.[4] Coincheck is a member of JBA (Japan Blockchain Association) and is actively helping to build the Japanese bitcoin community's usage standards with the government.

Coincheck partnered with SEKAI to support Chinese, Hong Kong, and Taiwan investors to buy Japanese real estate with bitcoin.[5]

2018 hacking incident

In January 2018, Coincheck was hacked and approximately 500 million NEM tokens ($530 million) were stolen.[6][7] The currency was transferred through a total of nineteen accounts, one of which was found to have no connection with the hacker.[8]

The hack led two of Japan's crypto-currency trade groups to merge into a new self-regulatory organization.[9] The Financial Services Agency took administrative action by ordering Coincheck to improve its security practices, but did not order the exchange to shut down out of a concern for the protection of its users.[10] Coincheck initially announced that it may not be able to compensate all users affected by the hack,[11] but then announced that it would repay all 260,000 users affected in Japanese yen using its own capital.[12] As of February 2021, the Tokyo Public Prosecutors Office has charged 31 individuals for their involvement in transactions of stolen NEM tokens. In total, these individuals converted around 18.8 billion yen of stolen coins into other cryptocurrencies.[13]

After the hack, Coincheck suspended trading temporarily and reimbursed its customers for their losses. The company also implemented new security measures, including enhanced KYC (know your customer) procedures, a review of its management system, and the strengthening of its internal control framework.[citation needed]

References

  1. ^ "大塚雄介 | ブロックチェーンでどんな未来をつくれるかを、ずっと考えている « INNOVATION INSIGHTS". INNOVATION INSIGHTS (in Japanese). Retrieved 2016-03-22.
  2. ^ Sugimoto, Jun. "ビットコイントレーダー向けのダッシュボード「coincheck tradeview」、レジュプレスが提供". TechCrunch Japan. Retrieved 2016-03-22.
  3. ^ Wilson, Thomas. "Japan's Monex to buy Coincheck for $34 million, eyes future IPO". U.S. Retrieved 2018-04-06.
  4. ^ "ビットコイン決済の導入社数が1000社を突破--「coincheck」のレジュプレス". CNET Japan (in Japanese). March 2016. Retrieved 2016-03-22.
  5. ^ Okuma, Nozomi. "coincheckが国際間の不動産売買にもビットコイン決済を提供開始". TechCrunch Japan. Archived from the original on 2022-02-22. Retrieved 2016-03-22.
  6. ^ Uranaka, Taiga; Wilson, Thomas (January 28, 2018). "Japan raps Coincheck, orders broader checks after $530 million cryptocurrency theft". Reuters. Retrieved June 5, 2018.
  7. ^ "The 2018 Coincheck hack resulted in the theft of over $530 million in crypto". Retrieved 2024-01-17.
  8. ^ "Cryptocurrency hacked from Coincheck sent to 20 accounts". The Japan News by the Yomiuri Shimbun. 2018-01-31. Archived from the original on 2018-02-01. Retrieved 2018-02-01.
  9. ^ "Report: Japanese Crypto Exchanges Unite to Form Self-Regulatory Group". Yahoo Finance. February 20, 2018.
  10. ^ Kimura, Takuya. "NEM流出事件でコインチェックに業務改善命令、金融庁は「9月までのBSは把握済み」 | TechCrunch Japan". TechCrunch Japan (in Japanese). Archived from the original on 2018-01-29. Retrieved 2018-02-01.
  11. ^ "Coincheck possibly unable to reimburse customers after theft". Kyodo News+. 2018-01-27. Retrieved 2018-02-01.
  12. ^ Nakamura, Yuji (2018-01-27). "Coincheck to Repay Users Who Lost Money in $400 Million Hack". Bloomberg.com. Retrieved 2018-02-01.
  13. ^ "不正取得の仮想通貨ネムを交換、東京地検が組織犯罪処罰法違反で13人を起訴＝報道" (in Japanese). CoinPost. February 10, 2021.
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