Coincheck still make a huge profit after being hacked

COINCHECK, the Japanese crypto exchange pocketed an estimated $490 million in the ten months between April 2017 and January 2018.

The Japanese Exchange Group, which is the operator of Japan’s leading stock and derivatives markets, earned $567 million in the year ending March 2018, which means that this Japanese crypto exchange is on the same level as the traditional one.

Monex Group took ownership of Coincheck  after $532 million worth of NEM was stolen from its wallets in January 2018.

Monex Group states that Coincheck paid out $432 million the year ending March as a refund to its customers affected by the hack, yet despite this mammoth sized loss of funds, Coincheck still took a large profit, netting ¥6.3 bln revenue with sales of ¥62.6 bln.

Monex Group states one of its main goals for the next fiscal year will be to “focus on enhancing governance and internal control with the aim to register [Coincheck] as a cryptocurrency exchange.”

In February 2018, Japan’s Financial Services Agency (FSA), ordered all registered and unregistered domestic crypto exchanges to carry out and submit a risk management system report post the Coincheck hack, which was filed in February.

Regulatory bodies have been going through the cryptosphere with a fine comb, all unregistered Japanese crypto exchanges have been subject to on-site FSA inspections.

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