Coincheck to make a comeback after The Biggest Hack in Crypto Industry

Coincheck was the victim of biggest hacking in cryptocurrency industry. In total, it lost around $ 500 million. The hackers stole the NEO coins as they were not kept in the cold storage. However, it seems like the cryptocurrency exchange is plotting a comeback.

Recently, the owner of the cryptocurrency exchange stated that it plans on expanding to the US market. If indeed, it is able to gain traction in the US market, it will be able to expand its business quite easily. Moreover, the decision has been taken by the new management as it was sold to Monex Inc. after the hacking. The company has been spending heavily in order to increase the security of the platform. With the help of this foolproof security, there will be no risk to the platform. Also, they expect to get a license by the Japanese authorities next month as well. This will ensure that they are able to conduct their business seamlessly without any interruptions. This will also increase the credibility of the platform.

Matsumoto, who is the chief executive officer of Monex Inc. Recently, stated that there is no specific timeline as to when they will be bringing the cryptocurrency platform to the shores of United States. However, he clearly stated that it is certainly on the cards. Also, the shares of the parent company have increased by 98% since the news that they took over the troubled cryptocurrency exchange Coincheck. This clearly indicates that the shareholders are happy with the decision of the company to take over the cryptocurrency exchange. Also, it became clear that many corporates are looking to tap into the cryptocurrency market in order to indulge in the lucrative business of cryptocurrency trading. Also, companies in Japan are much ahead of other countries when it comes to accepting cryptocurrencies.

On the other hand, that is the United States are still confused as to whether they should consider cryptocurrencies are securities or commodities or whether they should create a separate asset class for the cryptocurrencies. That is why the rules and regulations pertaining to cryptocurrencies are not that clear when it comes to the United States. At the same point in time, the acceptance of cryptocurrencies in the United States is also increasing significantly. With this step by Coincheck, they will indeed become a global cryptocurrency exchange rather than just being a local cryptocurrency exchange in Japan.

Coincheck to make a comeback, what do you think about it? let us know in the comment below.