Coincheck review: score, licensing and risks
67/100SCORE · CMixed record
Grade C, fair
Coincheck lost around 530 million dollars in NEM in 2018, reimbursed every affected customer from its own funds, and was then acquired and placed under stricter Japanese FSA supervision. Its record since has been clean, though the asset list is small and it serves Japan.
The facts
- FOUNDED
- 2012
- HEADQUARTERS
- Tokyo, Japan
- CUSTODY
- Custodial.
- MiCA / EEA
- Not applicable. Japan focused.
- US ACCESS
- No.
- PROOF OF RESERVES
- Regulated custody under the Japanese FSA.
- FEES
- Spread based on the app, cheaper on the exchange view.
- ASSETS
- 30 plus
How the score breaks down
Each dimension is explained on the methodology page.
Where it is strong and where it is not
✓ Strengths
- Reimbursed every affected customer after the 2018 theft
- Now under strict Japanese FSA supervision
- Clean record since
- Strong JPY rails
✗ Weaknesses
- The 2018 theft was the largest of its era
- Small asset list
- Japan focused
Incident history
2018
Around 530 million dollars in NEM was stolen, at the time the largest crypto theft ever. Coincheck reimbursed affected customers from company funds and was subsequently acquired and brought under stricter oversight.
Our read
A textbook case of an exchange that failed badly, paid customers back in full, and was then forced into a much stricter regime. The current entity is far better supervised than the one that was hacked.
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RISK WARNING
Crypto assets are highly volatile and largely unregulated. You can lose everything you put in.
Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation
to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.