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Coincheck to delist Monero [XMR], Zcash [ZEC] and DASH – recovery from NEM hack!

Laira Rebecca

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As a part of recovery from NEM hack, Coincheck to delist Monero [XMR], Zcash [ZEC] and DASH
Source: Pixabay

Coincheck, the digital asset exchange platform based in Japan announced that Monero [XMR], Zcash [ZEC], and Dash [ DASH] will be removed from the platform. Along with these privacy coins, Augur [REP] will also be delisted in the month of June.

Crypto traders are being notified to withdraw their XMR, DASH, ZEC, and REP before 18th June. Coins that are existing even after 18th June will be sold at the market price and converted to Japanese Yen [JPY] and credited to the customer.

According to Coincheck, the high level of anonymity behind these coins can cause many risks in the future, which is the main reason behind them delisting these cryptocurrencies. Money laundering is one of the possible drawbacks of allowing the transactions with these privacy coins. Identification of the recipients of these transactions is virtually impossible on their blockchains.

Coincheck is currently recovering from the huge NEM hack they faced earlier, they received a business improvement order from the Japanese Financial Services Agency [FSA] in the month of March. FSA has given them the permission to continue its operation, however, Coincheck will be constantly monitored by FSA. During this period, FSA made it mandatory for all the Japanese based exchange platforms to have a risk management report in case of any hack that takes place in the future.

Coincheck is also on a mission to review their management systems and implementing better strategies to provide high security to the customer accounts.

Coincheck says that:



It is necessary [for us] to further develop and strengthen the management system of AML / CFT in the future.”

Following the major hack in the month of January, the Japanese exchange was purchased by Monex. Coincheck lost $530 million worth NEM during the hack. All the steps they are currently taking is based on the set of instructions given by the FSA.

However, the exchange continues to support trading other coins such as BTC, ETH, ETC, LSK, BCH, XRP etc.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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