Have you ever wondered how profitable it is to run a cryptoexchange? I'm sure that we cannot get exact numbers out from cryptoexchanges, but here's one measure to gauge it.
On January 26, we got reports from Coincheck, a major Japanese exchange, that about 500 million USD worth of XEM tokens were stolen in a massive hack. The hack, according to Coincheck themselves, affected approximately 260,000 users.
Props to Coincheck, who has been all over this case and push out updates via their blog
But now, the question - how profitable it is to run a cryptoexchange? Well, apparently quite a bit - as by an announcment on Sunday by Coincheck, they will be covering for 425 million USD worth of damages to their users. Usually, when a hack this size happens, the money will never be seen, the exchange would close doors and Earth would keep rotating as it would be forgotten fast. But this time, Coincheck makes a good respectable move and refunds users out of their own pocket. Considering the usual outcome, getting paid back almost all the lost amount will take that frown off many faces. And this move will make one think, how much more money has Coincheck socked away?
Via coincheck.com
FSA, the Japanese Financial Services Agency said they will be looking for ways to punish and fine Coincheck nevertheless, as they feel Coincheck hadn't complied with all regulations and didnt contribute enough to the security of their services. Apparently, Coincheck used "hot wallets", instead of more secure "cold wallets", citing shortage of staff and technical issues.
Sources:
Major cryptos seem to be makign a stand. Many of them are mimicking their recent patterns.
BITCOIN. Bitcoin is a replica of its previous consolidation swing. Considering that this pattern plays out, we will be hitting 14000 soon and there it's decision time.
ETHEREUM. Eth is somehting else. While it also keeps mimicking a recent pattern, this one is a continuation pattern. Ethereum network boost better speeds and lower tx fees than BTC, but it has seen it's fair share of the troubles too. Last month, CryptoKitties gave the price of Ether a massive boost, but it also congested the network. Now we have more innovative games and applications coming out on the Ethereum network, which will hopefully keep the price supported.
LITECOIN. Litecoin rocks a similar bullish pattern, a simple consolidation channel / bullflag. While the flag is far from being perfect and the consolidation pattern is just a downtrend on smaller timeframes, Litecoin seems to have gotten hold of itself and faces its challenges already quite soon
Whether this will be another fizzled out attempt or will we have a markets-wide breakout, is to be seen. Maybe we need a proper old-fashioned flush first ;) But the first month of the year is almost over, now it's time to make some money by getting the price moving.
Cheers everyone!
Oh, 
https://wallet.bitshares.org/#/market/PEPITO_BTS
Check out Chainbb, an alternative frontend for STEEM network. If you like forum style, that's the platform for you.
Title image from pixabay
Are you looking for Minnowbooster, Buildteam or Steemvoter support? Or are you looking to grow on Steemit or just chat? Check out Minnowbooster Discord Chat via the link below.
BuildTeam