Compromised Crypto Exchange Coincheck Reopens New Account Signups & Limited Trading

  • Previously hacked exchange, Coincheck, has reopened new account signups, however, strict KYC checks are required.
  • Only bitcoin (BTC), ethereum classic (ETC), bitcoin cash (BCH), and litecoin (LTC) deposits and trading are allowed at present.

Monex Group, a Japanese brokerage firm that acquired previously hacked digital asset exchange, Coincheck, (in April) announced that the crypto trading platform has reopened new account signups.

Users will also be allowed to engage in limited trading starting from Tuesday (October 30th).

Monex Group’s announcement further noted that users may purchase and deposit a select few cryptocurrencies on Coincheck. These include bitcoin (BTC), bitcoin cash (BCH), ethereum classic (ETC), and litecoin (LTC).

Recovering From Damaging Hack

When Monex acquired Coincheck for $33.5 million in April, bitcoin had been the only digital currency that users were allowed to trade on the hacked platform. As covered, Coincheck accounts for most of Monex Group’s crypto-related business.

However, the operational costs associated with managing Coincheck after the acquisition have resulted in losses of about $7.5 million. According to the Monex Group, the exchange has not been profitable because of the damage caused when it was hacked in January. At present, Monex Group has 1,025 employees and around 15 percent of them are focused on the crypto segment of its business

Due to the security breach, which resulted in $534 million in NEM tokens being stolen, Monex’s management team has had to spend considerable time, money, and effort in order to improve Coincheck’s internal security infrastructure. 

This is also a requirement as Japan’s financial regulator, the Financial Service Agency (FSA), has increased its scrutiny of local digital asset exchanges due to several local exchanges being hacked.

Other Cryptocurrencies May Be Added Later

In its announcement, the Monex Group also noted that in the future, it may allow Coincheck users to trade ethereum (ETH), ripple (XRP), nem (XEM), lisk (LSK), and factom (FCT). However, the exchange will only add more coins “if the services are confirmed safe and become ready to be offered”, the notice stated.

Users currently looking to open an account on the Coincheck trading platform will have to submit identity documents in order to pass know-your-customer (KYC) checks. This is strictly enforced by Japan’s self-regulatory body, the Virtual Currency Association (JVCEA) - which was recently authorized by the FSA to create and enforce regulatory policies as they would apply to local digital asset exchanges.

Coinbase Now Offering Four Free Exclusive ‘Trading Signals’ to All Users

Siamak Masnavi

Digital asset exchange Coinbase has announced that all Coinbase users now have access to four free exclusive "trading signals."  

Coinbase explained in a blog post published on Wednesday (July 17) that it wants to help their customers "independently create and manage their own crypto strategy" by making available certain data—some of which is based on the "aggregated and anonymized activity of millions of Coinbase customers"—available, for free, to all users of Coinbase. These "insights" (which Coinbase says are "the first of their kind in crypto") are only available to those who are logged into the Coinbase website. gital asset that is available on

The four tradings signals are available for every digital asset that is available on

So, what are these trading signals?

Top Holder Activity

This refers to the percentage of Coinbase users "with large balances of an asset (top 10%)" who have either bought or sold that asset in the past 24-hour period. This information is updated every two hours. 

At the time of writing, for Bitcoin (BTC), 69% of the top BTC holders have bought Bitcoin and 31% have sold Bitcoin in the past 24-hour period.  

Typical Hold Time

This is the "median number of days an asset stays in a Coinbase customer’s account or vault before it’s sold or sent to another address or wallet."

In the case of Bitcoin, currently, the typical hold time is 85 days.

Popularity on Coinbase

This is a "a ranking (out of all tradable assets) of how many customers hold a particular cryptocurrency." This information is updated every 24 hours.

You will probably not be surprised to find out that currently Bitcoin is the most popular digital asset on Coinbase.

Price Correlation

This signal tells you how cryptoasset prices move in relation to each other, i.e. a high positive correlation means "those assets’ prices have tended to move in the same direction." So, if you want to hedge your risk exposure to BTC-related price movements, you might want to consider buying cryptoassets that have a high negative correlation with Bitcoin.

In the case of Bitcoin, currently, (UK) shows the following price correlation information when you are looking at Bitcoin:

Coinbase Price Correlation Info - 18 July 2019.png

Coinbase wisely points out that "price correlations are historical and not predictive of future correlations," and that all market data provided by Coinbase, including these four trading signals, should not be "considered investment advice."

Featured Image Credit: All Images Courtesy of (UK)