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Coincheck Removes Three Popular Cryptocurrencies Due To The Risk
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Coincheck Removes Three Popular Cryptocurrencies Due To The Risk

Coincheck, a major cryptocurrency exchange has made headlines today, after they have taken the decision to remove Monero, Dash and ZCash due to ‘risks’. The news has come after the exchange has suffered a recent hack, where approximately 500 million NEM was stolen from the company, and the hackers are still yet to be traced. Despite the virtual money not being recovered, the exchange has started the process of reimbursing their customers for any currency they have lost. The latest decision to remove three of the more popular virtual currencies is just one of the latest erratic moves from Coincheck. The reasons for delisting these cryptocurrencies from their platform is said to be because they all provide privacy and anonymity features, and it was decided that all of them provided a big risk for the company thanks to the potential of money laundering becoming an issue. Despite the removal and the worry from the exchange, both Dash and ZCash are not actually completely anonymous. Although they do both provide privacy features, users of either of these currencies have been successfully identified, through analysis of the blockchain in past endeavours. The same cannot be said for Monero, which is one of the only completely anonymous coins on the market right now, causing it to gain attraction and popularity on the darknet. It is unknown whether the latter is part of the reason that Coincheck has taken the decision to remove these coins. It should be noted that users can still withdraw their money, although no further details have been released.
Other exchanges had not followed suit up until now,  but it will be very interesting to see whether this remains like this for much longer, especially as anonymous coins are completely under the spotlight right now! Featured Image Original Source: Wikipedia Commons

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Frankie Crowhurst

The cryptocurrency market is slowly picking up again after a pretty poor performance this year, and is having a positive effect on all crypto coins.

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