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Coincheck reports over USD 5 mln loss

Monday 29 October 2018 00:06 CET | News

Coincheck, the Japan-based cryptocurrency exchange that suffered a USD 520 million hack in January 2018, has reported increased losses for the third quarter of 2018.

Monex Group, the Japan-based brokerage company that acquired Coincheck following the hack, released its financial results for Q3 (Q2 in the Japanese financial year) on Monday.

The groups crypto asset segment, which reflects the Coincheck business, brought in revenue about USD 2.8 million, between July and September 2018. This number represents a 66% decline compared to the previous quarter, during which Coincheck made about USD 8.4 million in revenue.

Although the costs for the past three months in the crypto segment have been reduced, Monex said the consequence of the hack led to an increased loss, which went up from USD 2.3 million in Q2 to USD 5.25 million (588 million Japanese yen) between July and September 2018. In total, the group has made losses of about USD 7.5 million since its acquisition of the cryptocurrency exchange.

With about 1.7 million users, Monex Group said Coincheck is currently working on building more complex and secure internal control and security measures in its bid to become a licensed exchange in Japan.


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Keywords: Coincheck, cryptocurrency exchange, revenue loss, Monex Group
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