Hacked crypto exchange wants to come to the US | finder.com

Hacked crypto exchange wants to come to the US

Ryan Brinks 18 May 2018 NEWS

Coincheck planning comeback with US expansion

Coincheck has new owners, new security and new plans to expand across the Pacific.

Popular Japanese cryptocurrency exchange Coincheck rocked headlines in January when hackers stole more than $400 million worth of NEM tokens from user wallets.

Subsequently, the exchange reimbursed its users who lost money but nevertheless watched an additional $540 million evaporate from its accounts as users pulled their money out, and Coincheck sold out to fellow Japanese firm Monex Group last month in a $34 million deal that will also split profits with the former owner for three years.

Now, after major investments in a more secure cryptocurrency trading platform and an application for a Japanese license, Coincheck is not only poised for a comeback in Japan but an ambitious expansion to the US, Bloomberg has reported.

Monex CEO Oki Matsumoto is a former partner of Goldman Sachs who created his own online brokerage during the dot-com boom and has traded cryptocurrencies on Coincheck for several years. He is gunning to revive the crypto exchange to its former glory – Coincheck made $490 million last fiscal year – and beyond.

And the United States plays a key role in his strategy to get there. Even though US regulators are not yet leading the way in cryptocurrency regulation, Matsumoto sees them as the world’s foremost influence on the future of the emerging technology. Plus, US taxes are now just a little more than a third of what Japanese taxpayers hand over, making American soil fertile ground for the continued growth of cryptocurrencies.

All of that, however, is just a plan at this point. A lot of rebuilding has to take place first, and Matsumoto has not yet revealed a timeline for when Coincheck will establish its US presence.

In the meantime, compare other leading cryptocurrency exchanges in our guide for US traders, and learn which types of cryptocurrency wallets offer better security measures than online exchanges.

Disclosure: At the time of writing, the author holds XRP, CND, ANT, DRGN, EOS, NEO, ADA, AION, GTO, SALT, QTUM, WAX, BTC and ETH.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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