Anyone interested in the world of cryptocurrencies must have heard about Coincheck. It was the crypto exchange that was hacked in January, and the attackers had managed to take off with $530 million of NEM tokens (XEM). It was one of the biggest hacks at any cryptocurrency exchange ever.
However, it has been reported that according to the financial data released by Coincheck’s parent company, Monex, Coincheck has made about 53.7 billion yen or $491 million in profit for the financial year that ended in March.
The exchange had made revenue of 62.6 billion yen or $573 million while incurring operating costs of about $8.1 million.
Most of the profits were made during the 10-month period before the hack as the platform was not fully functional in the months of February and March. However, the exchange still managed to rake in over $4.5 million during this period.
The exchange made a net pretax profit of 6.3 billion yen or $57.6 million for the just-concluded fiscal year. They managed to do this even though they had to pay 47.3 billion yen or $432 million as compensation for the losses that they had incurred during the attack.
What is Monex planning to do?
Monex wants to launch its own blockchain to manage financial product trading. It is being speculated that Monex may even hold an initial coin offering for this purpose.
Coincheck was acquired by Monex after the crypto exchange got hacked. Monex only paid $34 million as there was no guarantee whether the exchange would be getting a license from Japan’s Financial Services Agency.