Coincheck is in the news again and for a good reason. Recently, this Japanese exchange just announced that it will soon be resuming operations with Monero. The clients will also have the facility to sell and withdraw the XMR. However, the purchases are still not available at this point of time.
The old transactions will no longer be available and the users will have to initiate the new transactions. Now, the users will have to go through a more detailed process. They cannot just initiate the transactions in a random way. They will be required to clearly state the purpose of their transactions.
It seems that Coincheck has introduced these procedures after being hacked. This exchange seems to be focused on strengthening the security measures because it is keen to avoid such incidences in the near future. They are also working on making their system more mature.
Every time the user initiates the transaction, the system will have to cross-check and confirm the information. Coincheck has also introduced another security feature. Any user who sends funds in cryptocurrency or Yen will have to verify his identity. This step will surely play a crucial role to prevent hacking incidences in the near future.
Coincheck is eager to play safe at the moment. Apart from introducing the security features, they have also informed their clients that they may face traffic issues. The exchange has also been open about the fact that if they face serious traffic issues on their part, then they may even suspend operation for some time.
Secondly, the exchange has also stated that if there are any price fluctuations, then even in this case the exchange may suspend operations for some time. Despite all these problems the exchange has been courteous enough to issue an apology to all the users for the inconvenience they have faced so far.
Apparently, it seems that the hacking incidence that took place in January has played a major role in disrupting the operations of Coincheck. However, the good news is that the exchange has not given up on its end. It is leaving no stone unturned to bring things back to normal. At the moment it can just be expected that things will return to normal very soon and the exchange will be able to resume its operation in no time at all but till then the users have to be patient about the issues they face.