Coincheck seeks investors to acquire funds after the hack

Coincheck is currently in talks with several investors to procure repayment funds after the hack, hopes to regain public trust
27 February 2018   2073

The resounding scandal around Coincheck hack has been on the news since the beginning of the year with lawsuits and statements from both sides. The clients are still waiting for the cryptocurrency withdrawals to resume like it happened with fiat, it seems unlikely. The official statement is that Coincheck will return the money to the clients, the returns will be performed in fiat with the exchange rates still unknown.

But the prospects are looking good, it seems, because Coincheck is currently in talks with several investors to acquire the funds for the refunds needed. An informed inside source stated that there have emerged several possible partners and even an investment fund. These resources will allow the company to return the trust of the clients affected by the hack, or so they hope.

Already a month has passed since the hacking, and the prospects of Coincheck compensating their 260,00 customers are looking bleak. While the fiat withdrawals have resumed on February 13, the crypto assets are still locked. Coincheck promises to allocate nearly 46 million yen for these refunds, but some customers are unhappy, to say the least, with such a turn of events. The lawsuits are currently in progress with victims demanding the return of their assets, so the possible tie-ins with investors to repay the customers seems to be the only way upward for the exchange from the long downward spiral in terms of the client base's trust.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   114

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.

 

The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.

 

The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 

 

The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”