In the aftermath of the massive cryptocurrency heist, which saw 58 billion worth of NEM coins taken from the Tokyo-based startup, Japan's cryptocurrency market appeared to have lost vigor amid an intensified crackdown on virtual currency exchange operators by the country's financial watchdog, according to The Japan Times. According to fiscal 2020 earnings released by Monex Group last month, Coincheck's revenue jumped by more than fivefold to 20.8 billion compared with the previous year. Perhaps, the most symbolic indication of the local industry's progress is the steady growth recorded by Coincheck Inc., which is now under Monex Group Inc., an online brokerage. ; A hacking attack that hit Coincheck in January 2018 put a wet blanket on a growing cryptocurrency frenzy. Of the 260,000 users that it gained, about 210,000 were concentrated in the second half of the business year that ended in March, indicating that many users have hopped on the latest crypto bandwagon. That incident highlighted the fact that many exchange operators, which were startups, did not have experience and know-how in properly running online-based financial services, prompting the government to issue a series of reprimands, some of which even ordered the suspension of operations. When Coincheck was hit by the cyberattack, the firm was criticized for neglecting consumer protection amid its sharp growth. (news.financializer.com).
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