Coincheck

Last updated
Coincheck
Coincheck logo.svg
Founded Tokyo, Japan (August 2014 (2014-08))
Headquarters Tokyo, Japan
Area servedJapan
Owner Monex
Founder(s) Koichiro Wada
Yusuke Otsuka
Products Bitcoin exchange and wallet service
URL Official website

Coincheck is a Japanese bitcoin wallet and exchange service headquartered in Tokyo, Japan, founded by Koichiro Wada and Yusuke Otsuka. It operates exchanges between bitcoin, ether and fiat currencies in Japan, and bitcoin transactions and storage in some countries. [1] [2]

Contents

In April 2018, Coincheck was acquired by Monex Group for 3.6 billion yen. [3] (US33.4 million)

Coincheck since 2016 has been the trademark name of a numismatic supply company located and trademark registered in the United States since 2016.[ citation needed ]

History

Coincheck started in August 2014 and is operated by Coincheck, inc. (previously ResuPress, inc) (founded in 2012). There were then more than 2,200 merchants using their bitcoin payment solution, just in Japan. [4] Coincheck is a member of JBA (Japan Blockchain Association) and is actively helping to build the Japanese bitcoin community's usage standards with the government.

Coincheck partnered with SEKAI to support Chinese, Hong Kong, and Taiwan investors to buy Japanese real estate with bitcoin. [5]

2018 hacking incident

In January 2018, Coincheck was hacked and approximately 500 million NEM tokens ($530 million) were stolen. [6] The currency was transferred through a total of nineteen accounts, one of which was found to have no connection with the hacker. [7]

The hack led two of Japan's crypto-currency trade groups to merge into a new self-regulatory organization. [8] The Financial Services Agency took administrative action by ordering Coincheck to improve its security practices, but did not order the exchange to shut down out of a concern for the protection of its users. [9] Coincheck initially announced that it may not be able to compensate all users affected by the hack, [10] but then announced that it would repay all 260,000 users affected in Japanese yen using its own capital. [11] As of February 2021, the Tokyo Public Prosecutors Office has charged 31 individuals for their involvement in transactions of stolen NEM tokens. In total, these individuals converted around 18.8 billion yen of stolen coins into other cryptocurrencies. [12]

After the hack, Coincheck suspended trading temporarily and reimbursed its customers for their losses. The company also implemented new security measures, including enhanced KYC (know your customer) procedures, a review of its management system, and the strengthening of its internal control framework.[ citation needed ]

Related Research Articles

Turbolinux is a discontinued Japanese Linux distribution targeting Asian users.

<span class="mw-page-title-main">Cryptocurrency</span> Digital currency not reliant on a central authority

A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

Litecoin is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase. The practical effects of those codebase differences are lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting. Due to its underlying similarities to Bitcoin, Litecoin has historically been referred to as the "silver to Bitcoin's gold." In 2022, Litecoin added optional privacy features via soft fork through the MWEB upgrade.

<span class="mw-page-title-main">Mt. Gox</span> Defunct Bitcoin exchange based in Japan

Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in 2010, it was handling over 70% of all bitcoin transactions worldwide by early 2014, when it abruptly ceased operations amid revelations of its involvement in the loss/theft of hundreds of thousands of bitcoins, then worth hundreds of millions in US dollars.

Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work. It is the largest cryptocurrency exchange in the United States in terms of trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam. In May 2020, Coinbase announced it would shut its San Francisco, California, headquarters and change operations to remote-first, part of a wave of several major tech companies closing headquarters in San Francisco in the wake of the COVID-19 pandemic.

<span class="mw-page-title-main">History of bitcoin</span> Cryptocurrency

Bitcoin is a cryptocurrency, a digital asset that uses cryptography to control its creation and management rather than relying on central authorities. Originally designed as a medium of exchange, Bitcoin is now primarily regarded as a store of value. The history of bitcoin started with its invention and implementation by Satoshi Nakamoto, who integrated many existing ideas from the cryptography community. Over the course of bitcoin's history, it has undergone rapid growth to become a significant store of value both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.

Blockchain.com is a cryptocurrency financial services company. The company began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet that accounted for 28% of bitcoin transactions between 2012 and 2020. It also operates a cryptocurrency exchange and provides institutional markets lending business and data, charts, and analytics.

<span class="mw-page-title-main">ShapeShift</span> Swiss digital asset trading company

ShapeShift AG was a cryptocurrency exchange which operated from 2017 to 2016 and was headquartered in Switzerland.

Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc, and is registered in the British Virgin Islands. Bitfinex was founded in 2012. It was originally a peer-to-peer Bitcoin exchange, and later added support for other cryptocurrencies.

<span class="mw-page-title-main">Ethereum Classic</span> Blockchain computing platform

Ethereum Classic is a blockchain-based distributed computing platform that offers smart contract (scripting) functionality. It is open source and supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM).

<span class="mw-page-title-main">Bitcoin Cash</span> Cryptocurrency that is a fork of bitcoin

Bitcoin Cash is a cryptocurrency that is a fork of bitcoin. Launched in 2017, Bitcoin Cash is considered an altcoin or spin-off of bitcoin. In November 2018, Bitcoin Cash further split into two separate cryptocurrencies: Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV).

A cryptocurrency wallet is a device, physical medium, program or an online service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification, or legally signing a 'document'.

Cryptocurrency and crime describe notable examples of cybercrime related to theft of cryptocurrencies and some methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrency.

Bithumb is a South Korean cryptocurrency exchange. Founded in 2014, Bithumb Korea has 8 million registered users, 1 million mobile app users, and a current cumulative transaction volume has exceeded USD $1 trillion.

bitFlyer is a Japanese cryptocurrency exchange headquartered in Tokyo. It was founded in 2014 and is one of the largest cryptocurrency exchange in Japan.

<span class="mw-page-title-main">PayPay</span> Payment system

PayPay Corporation (PayPay株式会社) is a Japanese company that develops electronic payment services owned by LY Corporation. It was established in 2018 as a joint venture between the SoftBank Group and Yahoo Japan through Z Holdings, their holding company. With 38 million users, PayPay is the largest Japanese mobile payment app. In October 2018, it began a QR code and bar code-based payment service, which was developed in collaboration with Paytm, an India-based payment service company.

Bitso began as a global cryptocurrency exchange founded in Mexico. It was founded in 2014 by Ben Peters, Pablo Gonzalez and Daniel Vogel. Daniel Vogel is the current chief executive officer. Bitso was the first Latin American company and one of the few cryptocurrency platforms to be regulated by the Gibraltar Financial Services Commission under its Distributed Ledger Technology Framework.

TwitCasting is a livestreaming service operated by Moi Co., Ltd., headquartered in Tokyo, Japan. In early 2013, TwitCasting was developed as a way to use the Twitter feed to stream content from smartphones directly onto a user's channel. As of July 2021, it had over 33 million registered users. As of March 2020, it had the most monthly active users among livestreaming apps in Japan, according to App Ape Lab analytics.

Cryptojacking is the act of exploiting a computer to mine cryptocurrencies, often through websites, against the user's will or while the user is unaware. One notable piece of software used for cryptojacking was Coinhive, which was used in over two-thirds of cryptojacks before its March 2019 shutdown. The cryptocurrencies mined the most often are privacy coins—coins with hidden transaction histories—such as Monero and Zcash.

<span class="mw-page-title-main">Lemino</span> Japanese streaming service

Lemino is a Japanese video on demand over-the-top streaming service operated by NTT Docomo. From its establishment in 2011 until 2022, it was owned 70% by Avex. It operated as a subscription video on demand (SVOD) service under the name d-market Video Store from 2011 to 2013, d-video (dビデオ) from 2013 to 2015, and dTV from 2015 to 2023, before becoming partially an ad-supported video on demand (AVOD) service.

References

  1. ↑ "大塚雄介 | ブロックチェーンでどんな未来をつくれるかを、ずっと考えている « INNOVATION INSIGHTS". INNOVATION INSIGHTS (in Japanese). Retrieved 2016-03-22.
  2. ↑ Sugimoto, Jun. "ビットコイントレーダー向けのダッシュボード「coincheck tradeview」、レジュプレスが提供". TechCrunch Japan. Retrieved 2016-03-22.
  3. ↑ Wilson, Thomas. "Japan's Monex to buy Coincheck for $34 million, eyes future IPO". U.S. Retrieved 2018-04-06.
  4. ↑ "ビットコイン決済の導入社数が1000社を突破--「coincheck」のレジュプレス". CNET Japan (in Japanese). March 2016. Retrieved 2016-03-22.
  5. ↑ Okuma, Nozomi. "coincheckが国際間の不動産売買にもビットコイン決済を提供開始". TechCrunch Japan. Archived from the original on 2022-02-22. Retrieved 2016-03-22.
  6. ↑ Uranaka, Taiga; Wilson, Thomas (January 28, 2018). "Japan raps Coincheck, orders broader checks after $530 million cryptocurrency theft". Reuters. Retrieved June 5, 2018.
  7. ↑ "Cryptocurrency hacked from Coincheck sent to 20 accounts". The Japan News by the Yomiuri Shimbun. 2018-01-31. Archived from the original on 2018-02-01. Retrieved 2018-02-01.
  8. ↑ "Report: Japanese Crypto Exchanges Unite to Form Self-Regulatory Group". Yahoo Finance. February 20, 2018.
  9. ↑ Kimura, Takuya. "NEM流出事件でコインチェックに業務改善命令、金融庁は「9月までのBSは把握済み」 | TechCrunch Japan". TechCrunch Japan (in Japanese). Archived from the original on 2018-01-29. Retrieved 2018-02-01.
  10. ↑ "Coincheck possibly unable to reimburse customers after theft". Kyodo News+. 2018-01-27. Retrieved 2018-02-01.
  11. ↑ Nakamura, Yuji (2018-01-27). "Coincheck to Repay Users Who Lost Money in $400 Million Hack". Bloomberg.com. Retrieved 2018-02-01.
  12. ↑ "不正取得の仮想通貨ネムを交換、東京地検が組織犯罪処罰法違反で13人を起訴＝報道" (in Japanese). CoinPost. February 10, 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.