Coincheck Halves Losses In Q3, Volume Rises Since Resumption of Trading Post-Hack

The Q3 Report released by Japan’s Monex Group (an online brokerage service) revealed that the Coincheck cryptocurrency exchange that it owns, is seemingly recovering from its earlier hack, by halving its earlier losses in the third quarter of financial year 2019.

The report tells us that the Coincheck trading platform has doubled its earnings since the second quarter, thereby cutting down losses. It was released on 31st January, 2019. In the “crypto asset” section of the Q3 Report, the company noted:

“Coincheck resumed new account openings and depositing and purchasing services for all tradable cryptocurrencies by the end of Nov 2018, leading to an improvement in profitability. Segment loss of ¥0.3 Billion.”

The report deals with the third quarter of the fiscal year, due to end on 31st March, 2019. The findings indicate that the company’s Coincheck Exchange managed to have a twofold betterment in performance and cutting down of losses since the second quarter of the same fiscal year, when it had registered a loss of about ¥600 million.

The Coincheck crypto exchange had fallen victim to a record hack last January, in 2018. Shocking the entire crypto industry, this exchange, owned by the Monex Group, saw NEM (XEM) tokens worth a whopping $534 million being siphoned off its user wallets. As a result of the sudden and shocking attack, the exchange has temporarily halted its operations.

It took several months to recover from the blow as new accounts and trading processes were resumed only in October of last year. The services were expanded further in the following month of November. This is when the trading volumes of this recovering exchange proved to be moving in a positive direction. Its volumes kept on rising, proving that Coincheck was finally back on track.

As per the Q3 Report published by Monex, the Coincheck app has also been gaining fast popularity among users. By last month, that is, December, 2018, 1.73 million people had downloaded the app. Of that massive number, a substantial portion, numbering about 900,000 went to become active, verified users with a credible account.

Clearly, Coincheck has managed to brush off its hack attack and is progressing steadily towards a bright future.