The hacked Japanese crypto exchange Coincheck’s revenue has declined by 66 percent for Q3 2018, as per the fiscal results published by Monex Group, the exchange’s operator, on October 29. Monex Group Inc. acquired Coincheck as a wholly owned subsidiary on April 16, after $532 million worth of NEM was hacked from its wallets in January this year.
Monex’s CEO Oki Matsumoto said in his statement that the exchange is still awaiting a license from the regulator. The results published by Monex reveal that between July and September this year, its crypto asset segment raised revenue worth $2.8 million. This figure indicates a 66 percent decline as compared to the preceding quarter’s results worth around $8.3 million.
While the Monex Group’s report outlines an overall loss since its acquisition of crypto exchange Coincheck, the operator has brought down the selling general and administrative expenses in Q3 by around 17 percent, as compared to the previous quarter. The report further points out that Coincheck presently has around 1.7 million young users mostly. This figure is likely to increase with time.
The report also provides insight into the steps taken by the exchange to address governance improvements and security vulnerabilities, ever since the platform received a business improvement order from Japan’s Financial Services Agency (FSA) on March 8, as reported on Cointelegraph.
As highlighted in the Monex Group’s report, their name itself symbolizes their position as a forerunner in the finance domain. The Monex Group utilizes world-class financial expertise and state-of-the-art technologies to design innovative ways of redefining finance and managing money for a new era.
Crypto exchange Coincheck earned around $490 million between April 2017 and January 2018, the month it faced the record-breaking hack. At that time, Monex had disclosed that the exchange had recorded a write-down of around $432 million for the fiscal year ending in March, as a refund to the affected customers.
The post Crypto Exchange Coincheck’s Revenue Declines By 66 Percent: Monex Group appeared first on OWLT Market.
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