Yahoo Finance Bitcoin Falls as Coincheck Reports Decline in Revenue
Investing.com - Cryptocurrency prices fell on Monday, as Japanese exchange Coincheck reported a decline in revenue during the third quarter.
The platform suffered a $520 million hack in January, leading to a loss in in business, the company said Monday.
The parent company of the platform, Monex Group, reported revenue of 315 million yen (roughly $2.8 million), which was down 66% from the 8.4 million revenue reported in the second quarter.
"Since the service suspension in January 2018, Coincheck only allowed existing customers to sell their cryptocurrency," the company stated in a financial report.
Coincheck was hacked in January, leading to on-site inspections by regulators and a block on accepting new customers. Monex Group acquired the platform in April.
Bitcoin fell 2.00% to $6,362.30 on the Bitfinex exchange, as of 8:34 AM ET (12:34 GMT).
Cryptocurrencies overall were lower with the total coin market capitalization at $205 billion at the time of writing, compared to $209 billion on Friday. Ethereum,or Ether, decreased 1.74% to $200.76 and Litecoin was at $49.150, down 6.29% while XRP slumped 3.17% to $0.44567.
In other news, Canadian platform MapleChange admitted on Twitter on Sunday that it was hacked. The exchange had just undergone a version update. It’s a fully Know-Your-Customer site, which caused some investor worry over privacy leaks. While the company is smaller than its larger competitors, hacking remains one of the biggest hurdles facing the digital currency sector.
The exchange is a niche market that carries a handful of altcoins not available on other larger markets, with 62 coins. It said while some refunds would be issued, Bitcoin and Litecoin would not be refunded.
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