Exchange News: Coincheck Resumes All Trading, Bitmex Insurance Fund Grows
In recent crypto exchange news, Coincheck has successfully reinstated deposits and trading services for all cryptocurrencies that were live on the exchange before it was hacked in January. Bhex, an exchange founded by Huobi’s former chief technology officer, has announced that it will start operations at the end of the month, while 1,452.6 BTC was recently added to the Bitmex Insurance Fund in a single day.
Coincheck Resumes All Pre-Hack Trading
Coincheck has reinstated deposits and purchases for XRP and FCT. As such, it has now resumed services for all cryptocurrencies that were live at the time of the NEM hack in January, when roughly $530 million of funds were taken from the exchange.
Coincheck has now reinstated most of its services, including new account signups, yen deposits and withdrawals, cryptocurrency deposits and trade, and its lending service. Still, it still has yet to reinstate yen deposits through convenience stores, as well as its Coincheck Payment platform and leveraged transactions for new positions.
A press release issued by the company states that it has been “working to improve its management structure and internal control” since the hack.
1,452.6 BTC Added to Bitmex Insurance Fund in 1 Day
The Bitmex Insurance Fund now holds 18,851 BTC, following the addition of 1,452,6 BTC on Nov. 25. The significant increase pushed the amount of BTC held by the fund from 16,713.4 up to 18,166.
According to Bitmex, the insurance fund is used to avoid auto-deleveraging traders’ positions. It “grows from liquidations that were able to be executed in the market at a price better than the bankruptcy price of that particular position.”
The significant increase in the fund’s holdings was noted on Twitter. “Bull case for #Bitcoin: Soon most $BTC will be locked up in the @BitMEXdotcom insurance fund,” WhalePanda tweeted. At the time of writing, the fund’s BTC holdings had increased by 685 since Nov. 25.
Former Huobi CTO to Launch Bhex Exchange
Bhex, an exchange founded by former Huobi Chief Technology Officer James Ju, has announced that it will launch operations at the end of his month. The exchange claims to have raised $15 million in equity financing, with Huobi, Genesis Capital and Okex among its investors.
A press release issued by the exchange asserts that Bhex’s founding members hail from a number of major technology and finance companies, including Google, Alibaba, Tencent, Baidu and Barclays Capital. Bhex has established offices in Singapore, the U.S. and the U.K.