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Shilpa Ranga
Dec 16, 2019
by Shilpa Ranga

Coincheck of Japan terminates leverage transaction service

Coincheck
Japanese cryptocurrency exchange, Coincheck has been in the news lately. This happened after it declared on 16 December its termination of “leverage transaction” service. Also, exchange released a blog post in which it stated that the service would be cancelled by 13 March 2020. Considering the schedule indicated in the blog, users shall have to transfer the balance. This transfer will happen from the exchange’s leverage account to their private trading account by the end of March 2020. The exchange will suspend any new order to leverage crypto trades after the announcement.

Losing $500 Million

Coincheck has been considering making a fine line in Japan since its hack in 2018. This was the one where $500 million were lost. The hack impacted the country in every way possible. This happened with the regulatory authorities wherein they were shocked and disturbed by the magnificence of the incident. Coincheck’s President, Toshihiko Katsuya, called it the most significant cryptocurrency hack in history, till today.  Following this, the regulations were made more stringent. He mentioned “$500 million got stolen, and that was the biggest hack since Mt. Gox. 

Japan Virtual Currency Exchange

They resumed the services by October 2019. The exchange also noted Japan Virtual Currency Exchange Association complied with the guidelines that made the decision. We are still unaware of the hackers, and many people are astonished by that amount.  New technologies have been brought into implementation to trap hackers. If sources are to be believed, then a considerable percentage of information has been fetched about the hackers. The remaining information is still under the go and getting discovered lately. A lot of sources were adapted in order to suspect the hackers but none of that worked. Considerably, the issue has been left under the process of investigation. All the measures are taken into place. New technology has been set into force to detect the real hackers behind the theft.

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Coincheck of Japan terminates leverage transaction service
Shilpa Ranga
Content writer that holds demonstrated Experience in writing Web content, PressRelease and Articles. Expertise in Creative Writing plus Experience as a Teacher and Blogger.

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