Before the promotion, in December 2017, one Reddit poster complained of high fees they charge to buy and sell altcoins (4%). Coincheck FeesĬoincheck is in the midst of a zero-fee for the trading campaign and doesn't publish what the fee schedule was like prior to the launch of the promotion. Corporate registrations require a similar process, but users must also provide a selfie of an executive with their ID in hand.
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The steps for identity verification include the following SMS authentication Document verification, such as passport, residence card, drivers license, etc. Coincheck says passwords are hashed, saying We adopt crypt(Blowfish) a hash function is a suitable way of authentication. Based the NEM, hack, however, 2FA wasn't enough They also boast Secure Socket Layer client certificates for encrypted security.
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They support two-factor authentication via SMS and Google Authenticator on iOS or Android, according to the website.Ĭoincheck warns users not to use the same password on multiple sites, though says that 2FA will protect a users account in the event of a hack even if the password is compromised. Coincheck doesn't comingle trader deposits and company funds, which may be what saved them from becoming insolvent following the security breach. But their use of the hot wallet instead of a cold wallet was a major indiscretion, and they were warned by both the NEM Foundation and regulators to ramp up security before the breach. That's what makes the massive hack that hit the exchange so worrying. Coincheck took most of the usual security precautions that you would expect from a bitcoin exchange, and last year even bolstered its know-your-customer procedures for Japanese residents. Here's a link to the press conference with beleaguered Coincheck executives following the hack SecurityĬoincheck is not a licensed exchange, but it was still permitted to operate both prior to and after the hack. In addition to the trading platform, Coincheck has lending and payments businesses. The company is led by Koichiro Wada, who is at the helm as CEO, and Yusuke Otsuka. The minimum purchase price on the Coincheck trading platform is 0.001 bitcoin, which is approximately 831 yen at the time of publication.
Meanwhile, they're second in Japan based on separate research done by app ape in the three-month period leading up to October 2017 based on a sample size of 50,000 users, according to .Īs of March 2018, visits to the website have been on the decline since January 2018, when the hack occurred. Prior to the hack, Coincheck was 2017s top bitcoin exchange in Japan based on spot trading volume, according to data cited on Coincheck. As of March 2018, Coincheck also promoting a zero-fee trading campaign. But it may be a new normal for Coincheck from now on. For instance, they appear to be gradually allowing the withdrawal of various altcoins once again, such as Lisk and Factom. Following the incident, the exchange had stopped all yen and cryptocurrency withdrawals but has since begun lifting the ban, altcoin by altcoin.īut all new account registrations are suspended, as of March 2018, and the exchange is doing everything they can to return to normal. Japans Financial Services Agency (FSA) infiltrated the exchange to examine their books to make sure the balance sheet was strong enough to repay investors who lost funds in the NEM hack. Coincheck is reaching into its own coffers to repay the 260,000 NEM investors whose accounts were affected by the heist. Japan's FSA has been closely monitoring the business operations of Coincheck since the hack. The stolen NEM funds were stored in a web-based hot wallet, which is more vulnerable compared to the more secure cold wallets, the latter of which can be stored offline.
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