Coincheck Resumes XRP Trading, 10 months On From Infamous $530 Million Theft

Ripple (XRP) prices have taken a retreat after marked gains earlier this week. | Source: Shutterstock

Embattled crypto exchange Coincheck has announced the resumption of trading pairs for XRP and FCT tokens effective Monday, November 26.

In a statement on its website signed by company President Toshihiko Katsuya, it was revealed that starting from Monday, deposits and sales of the two cryptocurrencies will be partially restored alongside a few ancillary services.

It will be recalled that in January, the Japanese exchange suffered what came to be classified as the biggest crypto theft in history, losing roughly $530 million worth of NEM tokens in a hack that led to increased regulatory scrutiny of crypto exchanges in Japan.

Coincheck Restores Services

Originally written in Japanese, a translated excerpt from Coincheck’s statement reads:

“In connection with unauthorized remittance of the virtual currency NEM due to unauthorized access occurred on January 26, 2018, the Company suspended the services partially in order to investigate the cause of customer asset protection and unauthorized remittance, and formulated a business improvement plan. In implementing this plan, we have tried to improve our management control system and internal control system. In addition, with the cooperation of external experts who carried out a step-by-step safety audit, we have restarted the service that enables the receipt, purchase and exchange of XRP and FCT.”

According to the statement, the restoration of trading services for XRP and FCT brings the total number of cryptocurrencies actively supported on the platform to nine following prior resumption of trading services for bitcoin, bitcoin cash, ethereum, litecoin, ethereum classic, lisk and NEM.

Coincheck also revealed that due to increased traffic volumes, there is a possibility that customers may find it temporarily hard to access the platform or make inquiries. To this end the statement said that the company reserves the right to temporarily suspend trading with no prior notice at its own discretion in the event of sharp transaction volume increases. In addition, customers were advised that the resumption of XRP and FCT trading may be suspended in the event that new problems are discovered.

The move represents a significant change in fortunes for the exchange which has been surrounded by uncertainty on the subject of whether or not it will fully reopen. reported on November 1 that Coincheck president Oki Matsumoto expressed doubt regarding the prospect of reopening to accommodate new users, as this is contingent on the platform’s ability to obtain a new license from the Japanese Financial Standards Authority after carrying out a comprehensive security and management overhaul.

Featured image from Shutterstock.

Last modified: March 4, 2021 3:12 PM

David Hundeyin: I am a busy Nigerian writer, journalist and writer with an interest in tech and finance. When I'm not contributing to CCN and traveling around Africa, you can catch me contributing to CNN Africa, or in the writers room at 'The Other News', Nigeria's weekly answer to 'The Daily Show' with nearly 2 million viewers. My work on 'The Other News' was featured in the New Yorker Magazine, and that was then cited in the Washington Post so I'm not sure that counts as a feature but I'll definitely mention it too! I have been nominated by the US State Department to take part in the 2019 Edward R. Murrow Program for journalists under the International Visitors Leadership Program. I also like hamsters. You can reach me on Twitter at _David_Hundeyin