Coincheck has announced that it will be resuming trading in XRP and FCT starting from the 26th of November.
Services Suspended To Investigate Breach
This news was made public by a statement on the exchange’s website, which was signed by the Crypto exchange’s chief executive Toshihiko Katsuya. According to the statements, trading on the two Cryptos will be possible beginning on Monday. The statement also said that deposits and sales in the two Cryptos has been restored partially, as well as a few other ancillary services.
Earlier this year, the Japanese Crypto exchange came under a hack attack that has been dubbed the the largest ever to take place in the Crypto sector’s history. The Crypto exchange lost roughly $530 million in NEM tokens during the hack attack which saw other Crypto exchanges within the Japanese Crypto sector come under intense scrutiny by the regulatory authorities in the country.
A translated excerpt of the statement said that as a result of the unauthorized issuance of the NEM token, due to the unauthorized access of the Crypto exchange, it had partially suspended its services. The statement which was originally in Japanese added that the suspension was to enable the investigation of the unauthorized remittance and the protection of customers’assets in order to come up with an improved business plan.
Exchange To Reserve The Right To Suspend Services
The statement went on to say that due to the implementation of this plan, the Crypto exchange has been able to improve its management control as well as its internal control system. In addition to this, the Crypto exchange has said that cooperation with external experts has enabled the facilitation of XRP and FCT’s receipt, purchase and exchange.
Going by the statement, with the restoration of trading services for XRP and FCT, the total number of Cryptocurrencies that the exchange is currently supporting on the platform has risen to nine. The Crypto exchange has already resumed trading services for several other Cryptocurrencies among them Ethereum, Bitcoin Cash, Bitcoin, Ethereum Classic, NEM, and Litecoin.
The Crypto exchange has also stated that as a result of increased traffic volumes, it will be temporarily harder for users to make inquiries and get easy access to the platform. On this account, the statement noted that the exchange will be reserving the right to suspend trading on the platform without notifying its users in the event that it experiences a sharp increase in trading volumes. The statement also advised customers that the exchange may suspend the services of the revived tokens should additional problems arise.
A Change Of Fortunes
This announcement has been seen to be a significant win for the Crypto exchange which had many people skeptical of whether it would ever be able to fully reopen. Oki Matsumoto, Coincheck’s president, had previously registered his doubt on the reopening of the exchange to accommodate new users. This he said was on account of the exchange requiring a new license from the JFSA (Japanese Financial Standards Authority).