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   112

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.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   102

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.