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In what appears to be a problem tied to its support of altcoin NEM, Coincheck, which is among Japan’s largest exchanges, suddenly froze NEM deposits Friday.
An accompanying blog post stated:
“Depositing NEM on Coincheck is currently being restricted. Deposits made to your account will not be reflected in your balance, and we encourage all users to refrain from making deposits until the restriction is lifted."
The restriction then extended to NEM sales and purchases, followed by withdrawals, before the exchange stopped all foreign exchange withdrawals, both crypto and fiat.
"All platform withdrawals are currently limited, including JPY. Thank you for your comprehension. We're doing everything we can to get back to normal operations as soon as possible," reads the latest update to the blog post.
Since operations began to shut down, Coincheck’s wallet has shifted a one-off sum of 101,265,057 XRP, worth approximately $123.5 mln. Unconfirmed reports to Cointelegraph additionally allege $600 mln of NEM has left the exchange.
A massive xrp moved from coincheck to some place!
Does this have to do with the nem trade freeze?#coincheck $xrp $nem https://t.co/9xxiIzfeSz
— ?11outrage? (@11outrage) January 26, 2018
On both English and Japanese social media, Coincheck promised users it would provide full details in due course, while in the meantime apologizing for the abrupt cut to services.
Notably, Coincheck is not registered with Japan’s Financial Services Agency - a regulator responsible for overseeing exchanges in the country - unlike several other prominent cryptocurrency exchanges, such as bitFlyer and Quoine.
Reports have also surfaced of Japanese media starting to gather at Coinchek’s headquarters.
