Japanese Crypto Exchange Coincheck Resumes Trading in XRP and FCT

Siamak Masnavi

On Monday (26 November 2018), the Japanese financial services company Monex Group, the owner of the Japanese crypto exchange Coincheck, announced that the exchange had now resumed trading of XRP and FCT.

Coincheck, which according to CNBC, lost around 523 million NEM tokens (worth approximately $534.8 million at the time) in an attack that occured on 26 January 2018, was acquired by the Monex Group on 6 April 2018. Back in April, Monex's press release explained how the company hoped to help Coincheck provide a much more secure environment for the exchange's customers:

"We aim to build a secured business environment for customers by fully backing up Coincheck's enhancement process. Specifically, we will maximize the use of our expertise and human resources of business administration, system risk management, and customer asset protection system that we have cultivated since the establishment in the online securities industry. We will support Coincheck to provide secure environment to customers and to grow sustainably as a socially valuable cryptocurrency exchanger."

Today's press release from Coincheck said that the exchange had "resumed depositing and purchasing services for XRP and FCT." It explained that:

  • "Coincheck had suspended certain services in order to protect the integrity of customers' assets and to investigate the cause of the breach to its system on January 26, 2018."
  • "Since then, Coincheck had been working to improve its management structure and internal control by carrying out business improvement plans."

Furthermore, it said that, as of today, the following services were available:

  • "New account openings (Domestic residents only)"
  • "Depositing , purchasing , remitting and selling cryptocurrencies"; (BTC, ETH, ETC, LTC, BCH, XEM, LSK, FCT, and XRP)
  • "Depositing and withdrawing JPY"
  • "Making settlements and margin deposits/withdrawals on existing leveraged transactions"
  • "Cryptocurrency lending service"

At press time, according to data from CryptoCompare, XRP is trading at $0.3559, up 2.41% in the past 24-hour period.

Featured Image Courtesy of Coincheck

Crypto Investors Buy Bitcoins at $0.32 as Amazon Cloud Outages Affect Exchanges

Update 10:32 UTC - It soeems some cryptocurrency traders were also able to buy Ethereum's ether at $0.33 per coin as cryptocurrencies seemingly flash-crashed on BitMax.

The exchange hasn't yet commented on the incident and has only made it clear withdrawals are halted on its platform. Rolling back the trades may be a possibility.

Cryptocurrency investors were able to buy bitcoin for as little as $0.3 worth of USDT after Amazon‘s cloud service, AWS, suffered an outage that affected various crypto exchanges.

According to Founding partner at Primitive Ventures Dovey Wan, an unnamed Asian exchange saw price instability affect in a way that some trades were executed and allowed investors to buy bitcoin, which was trading at around $10,200 at the time, for less than $1 in Tether’s stablecoin.

The image Dovey Wan posted reportedly came from a Telegram group related to BitMax. The order book data, however, may not have come from BitMax itself as the exchange isn’t certain it's from its own platform. Since the outage, however, it has halted withdrawals.

Other cryptocurrency exchanges were notably also affected by AWS’ outage. Binance, one of the world’s leading crypto exchanges in terms of trading volume, revealed the outage affected some of its users throughout the world. As its CEO Changpeng Zhao tweeted:

KuCoin, another popular Exchange, posted a notice on its website revealing that “due to the overheating of part of our chassis in the machine room we deployed in AWS, Tokyo, part of our services might become unavailable.” It added its engineers were looking o deploy resources to deal with the problem.

On its status page, AWS reports its facilities in Tokyo have been facing problems, but the company has claimed it found the root cause of the problem and working to recover from the problem.

AWS' status pageSource: AWS

Amazon Web Services notably controls a large part of the cloud market, and runs the backend of various popular websites – including Netflix, Pinterest, Spotify, and Slack. It faced other services outages in the last few months and when it did, a large part of internet-based services relying on it went down.