Bitcoin Exchange Coincheck Lost $5 Million in Q3

Bitcoin Exchange Coincheck Lost $5 Million in Q3

Coincheck, which lost more than $500 million due to the January hacking, reported an increase in losses in the third quarter of 2018. This is reported in the financial report of the Japanese online broker Monex Group, the parent company of crypto-exchange.

The document says that the crypto active assets segment presented by Coincheck brought Monex Group revenue of 315 million yen (about $2.8 million) from July to September this year. This is 66% less than in the previous quarter, which resulted in Coincheck’s revenue of $8.4 million.

According to the company, despite the fact that over the past three months, the costs in the crypto segment have been somewhat reduced, the consequences of the hacker attack continue to be felt. Thus, for the period from July to September, the company’s loss amounted to $5.25 million. At the same time, in the previous quarter, this figure was $2.3 million.

Since the acquisition of Coincheck by the online broker Monex Group, the total loss of the trading platform was about $7.5 million.

According to the Coinmarketcap analytical service, the daily trading volume at Coincheck is $7,8 million. At the same time, only one trading pair is represented on the trading floor – BTC/JPY.

Representatives of the Monex Group said that Coincheck is currently working to ensure more comprehensive and effective internal controls and security measures. This is necessary to obtain a license from the financial regulator.

The report also states that the total user base of the Monex Group is 1.7 million people. The company has 1025 employees, 15% of which are involved in the cryptocurrency segment.

Earlier, the head of the Monex Group, Oki Matsumoto, expressed the opinion that cryptocurrencies can “take off” as derivatives in the 1980s.

Tags: coincheck, bitcoin, monex group, crypto exchange, exchanges, trading volume, financial report, bitcoin

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