Latest news with #Coincheck
Coin Geek
03-06-2025
- Business
- Coin Geek
Japan's bold move: Reclassification for safer digital economy
Getting your Trinity Audio player ready... Japan's decision to reclassify digital currencies as financial products is a transformative move that has the potential to revolutionize the country's digital finance landscape. By recognizing digital assets as financial products under the Financial Instruments and Exchange Act (FIEA), the Financial Services Agency (FSA) is taking a bold step toward enhancing investor protection, increasing transparency, and fostering a more robust digital asset ecosystem. At the heart of this reclassification is a commitment to investor protection. For too long, the digital asset market has been a Wild West, with bad actors exploiting regulatory gaps to engage in market manipulation, insider trading, and other fraudulent activities. By bringing cryptocurrencies under the FIEA, the FSA aims to ensure that digital assets are subject to the same stringent rules as traditional financial instruments like stocks and bonds. This means greater oversight, stricter disclosure requirements, and tougher penalties for misconduct. One of the most significant benefits of this move is the enhanced regulation of digital currency exchanges. These platforms are the primary gateways through which investors access digital assets, but they have historically been prone to security breaches, mismanagement, and fraud. Japan has experienced this firsthand with high-profile incidents like the Mt. Gox collapse and the Coincheck hack, where investors lost millions due to poor security and oversight. By subjecting exchanges to stricter regulatory standards, the FSA is creating a safer environment for investors. Exchanges will be required to maintain robust security protocols, conduct regular audits, and ensure compliance with know-your-customer (KYC) and anti-money laundering (AML) regulations. This will not only protect investors but also help restore confidence in the market, attracting more institutional participants who were previously wary of the industry's lack of safeguards. Moreover, the reclassification could lead to significant tax reforms that benefit investors. Currently, digital currency gains in Japan are taxed as miscellaneous income, with rates reaching as high as 55%. By recognizing digital assets as financial products, the FSA could pave the way for treating digital asset gains as capital gains, which are subject to a flat tax rate of 20%. This would make digital asset investments more attractive, encouraging broader participation in the market. Another positive aspect of this shift is that it could drive the industry toward greater utility and usability. For too long, the focus of many digital currency projects has been on speculation rather than real-world value. With stricter regulations in place, exchanges and digital asset firms will be encouraged to prioritize security, transparency, and practical use cases over mere hype. This could lead to a new wave of innovation as companies strive to develop blockchain applications that deliver tangible benefits to consumers and businesses. The increased oversight could also help Japan establish itself as a leader in blockchain innovation. As exchanges and other digital asset platforms are forced to adhere to global best practices, they will become more competitive on the international stage. Japanese firms that survive the regulatory shakeout will be those that can demonstrate real-world value, offering services that go beyond simple trading. This could include blockchain solutions for payments, digital identity verification, supply chain tracking, and even decentralized finance (DeFi). Yet, this transformation will not be without challenges. Smaller digital asset firms, which have thrived in a relatively unregulated environment, may struggle to comply with the new rules. Legal fees, licensing requirements, and ongoing reporting obligations will increase their operational costs, potentially driving some startups out of the market. However, this is not necessarily a negative outcome because it signifies market maturation. Just as with traditional finance (TradFi), only the strongest, most reliable firms will thrive under stricter oversight, creating a safer environment for investors. Critics may argue that increased regulation will stifle innovation, but this perspective ignores the reality that sustainable innovation requires a secure and trustworthy foundation. A market-driven purely by speculation is a bubble waiting to burst, but one grounded in transparency, investor protection, and real-world utility is far more resilient. Japan's regulatory shift is an opportunity to transition from the Wild West of crypto speculation to a mature, well-regulated industry that can support long-term growth and adoption. Ultimately, Japan's decision to reclassify cryptocurrencies as financial products is a recognition of the growing importance of digital assets in the global financial system. It is a move that will protect investors, enhance market integrity, and drive the industry toward greater usability and innovation. While the transition may be challenging for some firms, it is a necessary step in the evolution of the digital currency market. By leading the way in regulatory innovation, Japan has the opportunity to become a global hub for blockchain technology and digital finance. Watch: It's time for regulation to enable blockchain growth title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Business Wire
13-05-2025
- Business
- Business Wire
Coincheck Group N.V. to Announce Fourth Quarter 2025 Results on May 13, 2025
AMSTERDAM--(BUSINESS WIRE)--Coincheck Group N.V. (the 'Company') (Nasdaq: CNCK), now and going forward the holding company of Coincheck, Inc, a leading Japanese crypto exchange, today announced that the Company will release its fourth quarter 2025 financial results on Tuesday, May 13, 2025. About Coincheck Group N.V. Headquartered in the Netherlands, Coincheck Group N.V. (NASDAQ: CNCK) is a public limited liability company and the holding company of Coincheck, Inc. Coincheck operates one of the largest multi-cryptocurrency marketplaces and crypto asset exchanges in Japan and is regulated by the Japan Financial Services Agency. Coincheck provides Marketplace and Exchange platforms on which diverse cryptocurrencies, including Bitcoin and Ethereum, are held and exchanged as well as other retail-focused crypto services.
Business Wire
13-05-2025
- Business
- Business Wire
Coincheck Reports Financial Results for Fourth Quarter and Year Ended March 31, 2025
AMSTERDAM--(BUSINESS WIRE)--Coincheck Group N.V. (Nasdaq: CNCK) ('Coincheck Group', the 'Company' or 'Group'), a Dutch public limited liability company and the holding company of Coincheck, Inc. ('Coincheck'), a leading Japanese crypto exchange company, today reported financial results for the fourth quarter and year ended March 31, 2025 ('fiscal 2025'). Financial Highlights: 1 Certain Year-Over-Year Highlights Total revenue increased 13% to ¥114.6 billion ($764 million) in the fourth quarter of fiscal 2025 from ¥101.4 billion ($676 million) in the fourth quarter of fiscal 2024, and increased 71%, to ¥383.3 billion ($2,557 million) in the fiscal 2025 full year from ¥224.0 billion ($1,495 million) in the fiscal 2024 full year. Gross margin 2 decreased 20% to ¥3.5 billion ($24 million) in the fourth quarter of fiscal 2025, compared to ¥4.4 billion ($30 million) in the fourth quarter of fiscal 2024, and increased 46% to ¥13.5 billion ($90 million) in the fiscal 2025 full year, compared to ¥9.3 billion ($62 million) in the fiscal 2024 full year. Verified Accounts 3 increased 16%, to 2,291,103 as of the end of fiscal 2025 from 1,981,152 as of the end of fiscal 2024. Customer Assets 4 increased 15%, to ¥859.2 billion ($5,732 million) as of the end of fiscal 2025, from ¥744.2 billion ($4,965 million) as of the end of fiscal 2024. Marketplace Trading Volume 5 increased 44%, to ¥337.5 billion ($2,252 million) for the fiscal 2025 full year from ¥234.6 billion ($1,565 million) for the fiscal 2024 full year. Fluctuations in Marketplace Trading Volume are usually driven by crypto-asset industry market volumes and conditions generally, and the size and level of trading activity at Coincheck specifically, as well as market-price fluctuations in the crypto assets most frequently traded. Net profit was ¥642 million ($4.3 million) in the fourth quarter of fiscal 2025 compared to ¥1,953 million ($13.0 million) in the fourth quarter of fiscal 2024, and Net loss was ¥14,350 million ($95.7 million) in the fiscal 2025 full year, compared to Net profit of ¥1,967 million ($13.1 million) in the fiscal 2024 full year. A large component of the Net loss results for the fiscal 2025 full year was total transaction expenses 6 of ¥18,321 million ($122.2 million), partially offset by gain from the change in fair value of warrant liability of ¥1,435 million ($9.6 million) in the third and fourth fiscal quarters. Adjusted EBITDA 7 decreased 46%, to ¥1,692 million ($11.3 million) in the fourth quarter of fiscal 2025 from ¥3,111 million ($20.8 million) in the fourth quarter of fiscal 2024, and increased 52%, to ¥5,718 million ($38.1 million) in the fiscal 2025 full year from ¥3,773 million ($25.2 million) in the fiscal 2024 full year. Certain Quarter-Over-Quarter Highlights Total revenue decreased 7% to ¥114.6 billion ($764 million) in the fourth quarter of fiscal 2025, compared to ¥123.1 billion ($821 million) in the third quarter of fiscal 2025. Gross margin decreased 26% to ¥3.5 billion ($24 million) in the fourth quarter of fiscal 2025, compared to ¥4.8 billion ($32 million) in the third quarter of fiscal 2025. Verified Accounts increased 4.3% to 2,291,103 as of the end of the fourth quarter of fiscal 2025, compared to 2,197,619 as of the end of the third quarter of fiscal 2025. Customer Assets decreased 25% to ¥859.2 billion ($5,732 million) in the fourth quarter of fiscal 2025, compared to ¥1,142.2 billion ($7,620 million) in the third quarter of fiscal 2025. Marketplace Trading Volume decreased 22% to ¥92.0 billion ($614 million) in the fourth quarter of fiscal 2025, compared to ¥117.4 billion ($783 million) in the third quarter of fiscal 2025. Selling, general and administrative expenses decreased 45% to ¥3,556 million ($23.7 million) in the fourth quarter of fiscal 2025, compared to ¥6,429 million ($42.9 million) in the third quarter of fiscal 2025. Transaction expenses included in Selling, general and administrative expenses were ¥540 million ($3.6 million) and ¥3,804 million ($25.4 million), respectively for the fourth quarter and third quarter of fiscal 2025. Excluding transaction expenses, Selling, general and administrative expenses increased 15% to ¥3,016 million ($20.1 million) in the fourth quarter of fiscal 2025, compared to ¥2,625 million ($17.5 million) in the third quarter of fiscal 2025. Total transaction expenses were ¥540 million ($3.6 million) for the fourth quarter of fiscal 2025, compared to ¥17,518 million ($116.9 million) for the third quarter of fiscal 2025, which included the transaction expenses related to the Company's recent de-SPAC business combination ('Listing Expense') of ¥13,714 million ($91.5 million). Net profit was ¥642 million ($4.3 million) in the fourth quarter of fiscal 2025, compared to Net loss of ¥15,445 million ($103.0 million) in the third quarter of fiscal 2025. Net profit in the fourth quarter of fiscal 2025 included transaction expenses of ¥540 million ($3.6 million), compared to transaction expenses of ¥17,518 million ($116.9 million) in the third quarter of fiscal 2025's Net loss, and change in fair value of warrant liability was ¥973 million ($6.5 million) in the fourth quarter of fiscal 2025, compared to ¥462 million ($3.1 million) in the third quarter of fiscal 2025. Adjusted EBITDA decreased 39% to ¥1,692 million ($11.3 million) in the fourth quarter of fiscal 2025, compared to ¥2,767 million ($18.5 million) in the third quarter of fiscal 2025. Fiscal 2025 Fourth Quarter Strategic and Operational Highlights: Launched Coincheck Staking on January 13, 2025, allowing users to automatically earn Ethereum (ETH) simply by depositing ETH with Coincheck. Completed the acquisition of Next Finance Tech Co., Ltd., a staking platform service company, on March 14, 2025, to enhance Coincheck Staking and offer staking platform services to other cryptocurrency marketplace providers both in and outside of Japan. ____________________ 1 References in this announcement to ' ¥ ' are to Japanese Yen and references to 'U.S. Dollars' and '$' are to United States Dollars. Unless otherwise stated, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥ 149.9 per $1.00, which was the ¥ /$ exchange rate reported by the Federal Reserve Bank of New York as of March 31, 2025. 2 Gross margin is defined as total revenue less cost of sales. 3 Verified Accounts are all accounts that have been opened after the account owner completes all application procedures (including 'know your customer' or 'KYC'), after subtracting therefrom the total number of closed accounts. 4 Customer Assets are preliminary figures prepared in accordance with Japanese generally accepted accounting principles (JGAAP) and differ from the financial figures of Coincheck Group N.V., prepared in accordance with IFRS Accounting Standards ('IFRS'), and may be revised in the future. 5 Marketplace Trading Volume for a specific period is the total value, based on the underlying asset, of all transactions completed through Coincheck's marketplace platform business. 6 Transaction expenses for the third and fourth quarters of fiscal 2025 were mainly cash and non-cash expenses related to the Company's de-SPAC business combination, including listing expense, that closed in December 2024. 7 Adjusted EBITDA is a non-IFRS financial measure; see 'Non-IFRS financial measures' for definition and corresponding reconciliation below. Expand About Coincheck Group N.V. Headquartered in the Netherlands, Coincheck Group N.V. (NASDAQ: CNCK) is a public limited liability company and the holding company for Coincheck, Inc. Coincheck operates one of the largest multi-cryptocurrency marketplaces and crypto asset exchanges in Japan and is regulated by the Japan Financial Services Agency. Coincheck provides Marketplace and Exchange platforms on which diverse cryptocurrencies, including Bitcoin and Ethereum, are held and exchanged as well as other retail-focused crypto services. Coincheck also leverages its ownership of Next Finance Tech Co., Ltd. to offer staking services to retail customers and corporate clients. Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about trading, future financial and operating results, plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as 'will likely result,' 'are expected to,' 'will continue,' 'is anticipated,' 'estimated,' 'believe,' 'intend,' 'plan,' 'projection,' 'outlook' or words of similar meaning or the negative thereof. Such forward-looking statements are based upon the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the Company's control, which could cause actual results or events to differ materially from those presently anticipated; such risks, uncertainties, and assumptions, include, among others: (i) changes in the cryptocurrency and digital asset markets in which the Company competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) changes in global political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation; (iii) changes in economic conditions and consumer sentiment in Japan; (iv) the price of crypto assets and volume of transactions on the Company's platform; (v) the development, utility and usage of crypto assets; (vi) demand for any particular crypto asset; (vii) cyberattacks and security breaches on the Company platform; (viii) the Company's ability to introduce new products and services, (ix) the Company's ability to execute its growth strategies, including identifying and executing acquisitions, and (x) other risks and uncertainties discussed in the Company's filings with the U.S. Securities and Exchange Commission (the 'SEC') as such factors may be updated from time to time, which are or will be accessible on the SEC's website at The forward-looking statements included in this press release are made only as of the date of this press release and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. Non-IFRS financial measures EBITDA and Adjusted EBITDA In addition to the Company's results determined in accordance with IFRS, the Company presents EBITDA and Adjusted EBITDA, non-IFRS measures, because the Company believes they are useful in evaluating its operating performance. EBITDA represents net profit (loss) for the period before the impact of taxes, interest, depreciation, and amortization of intangible assets, and Adjusted EBITDA represents EBITDA, further adjusted for transaction expenses that are directly attributable to the business combination with Thunder Bridge IV. (denoted as 'Reverse recapitalization'), as well as Nasdaq listing expenses. The Company uses EBITDA and Adjusted EBITDA to evaluate its ongoing operations and for internal planning and forecasting purposes and believes that EBITDA and Adjusted EBITDA may be helpful to investors because they provide consistency and comparability with past financial performance. However, EBITDA and Adjusted EBITDA are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. A reconciliation is provided below for each non-IFRS financial measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures, and not to rely on any single financial measure to evaluate Coincheck Group's business. Please see tables on the following pages for reconciliations of non-IFRS financial measures. U.S. Dollar financial information For the convenience of the reader, where applicable, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥149.9 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of March 31, 2025. This information is intended to be reviewed in conjunction with the Company's filings with the SEC. ____________________ * Convenience Translation into U.S. Dollars Expand Japanese Yen United States Dollar * For the fiscal year ended For the fiscal year ended March 31, March 31, (in millions) 2024 2025 2025 Revenue: Revenue ¥ 223,775 ¥ 383,205 $ 2,556.4 Other revenue 274 125 0.8 Total revenue 224,049 383,330 2,557.2 Expenses: Cost of sales 214,786 369,852 2,467.3 Selling, general and administrative expenses 6,757 14,458 96.5 Total expenses 221,543 384,310 2,563.8 Operating profit (loss) 2,506 (980 ) (6.5 ) Other income and expenses: Other income 437 22 0.1 Other expenses (153 ) (105 ) (0.7 ) Financial income 67 1,457 9.7 Listing expense — (13,714 ) (91.5 ) Financial expenses (17 ) (39 ) (0.3 ) Profit (loss) before income taxes 2,840 (13,359 ) (89.1 ) Income tax expense 873 991 6.6 Net profit (loss) for the period attributable to owners of the Group ¥ 1,967 ¥ (14,350 ) $ (95.7 ) Expand ____________________ * Convenience Translation into U.S. Dollars Expand Japanese Yen United States Dollar * For the three months ended For the three months ended March 31, March 31, March 31, (in millions) 2024 2025 2025 Revenue: Revenue ¥ 101,381 ¥ 114,489 $ 763.8 Other revenue 19 90 0.6 Total revenue 101,400 114,579 764.4 Expenses: Cost of sales 96,968 111,034 740.7 Selling, general and administrative expenses 2,027 3,556 23.7 Total expenses 98,995 114,590 764.4 Operating profit (loss) 2,405 (11 ) (0.1 ) Other income and expenses: Other income 409 5 0.0 Other expenses (10 ) (72 ) (0.5 ) Financial income 16 972 6.5 Listing expense — — — Financial expenses (15 ) (11 ) (0.1 ) Profit (loss) before income taxes 2,805 883 5.9 Income tax expense 852 241 1.6 Net profit (loss) for the period attributable to owners of the Group ¥ 1,953 ¥ 642 $ 4.3 Expand ____________________ * Convenience Translation into U.S. Dollars Expand As of March 31, As of March 31, (in millions) 2024 2025 2025 Assets Current assets: Cash and cash equivalents ¥ 10,837 ¥ 8,584 $ 57.3 Cash segregated as deposits 59,256 51,655 344.6 Crypto assets held 44,207 44,680 298.1 Customer accounts receivable 719 1,086 7.2 Other financial assets 37 62 0.4 Other current assets 377 1,035 6.9 Total current assets 115,433 107,102 714.5 Non-current assets: Property and equipment 1,973 1,909 12.7 Intangible assets 788 2,401 16.0 Crypto assets held — 43 0.3 Other financial assets 614 433 2.9 Deferred tax assets 353 386 2.6 Other non-current assets 28 — — Total non-current assets 3,756 5,172 34.5 Total assets ¥ 119,189 ¥ 112,274 $ 749.0 Liabilities and equity Liabilities: Current liabilities: Deposits received ¥ 59,276 50,911 $ 339.6 Crypto asset borrowings 44,020 44,479 296.7 Other financial liabilities 1,206 2,826 18.9 Provisions 120 — — Income taxes payable 486 799 5.3 Excise tax payable — 303 2.0 Other current liabilities 360 536 3.7 Total current liabilities 105,468 99,854 666.2 Non-current liabilities: Other financial liabilities 1,277 901 6.0 Warrant liability — 410 2.7 Provisions — 340 2.3 Total non-current liabilities 1,277 1,651 11.0 Total liabilities 106,745 101,505 677.2 Equity: Ordinary shares 196 213 1.4 Capital surplus 668 13,317 88.8 Treasury shares — (4 ) (0.0 ) Foreign currency translation adjustment — 13 0.1 Retained earnings (accumulated deficit) 11,580 (2,770 ) (18.5 ) Total equity 12,444 10,769 71.8 Total liabilities and equity ¥ 119,189 ¥ 112,274 $ 749.0 Expand ____________________ * Convenience Translation into U.S. Dollars Expand COINCHECK GROUP N.V. and subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Japanese Yen United States Dollar * For the fiscal year ended For the fiscal year ended March 31, March 31, (in millions) 2024 2025 2025 Cash flows from operating activities: Profit (loss) before income taxes ¥ 2,840 ¥ (13,359 ) $ (89.1 ) Depreciation and amortization 679 727 4.8 Net gain of other financial assets (non-current assets) — (11 ) (0.1 ) Impairment loss of other assets (non-current assets) — 13 0.1 Listing expense — 13,714 91.5 Net (gain)/loss on sale of property and equipment 14 3 0.0 Net (gain)/loss on disposal of intangible assets 39 35 0.2 Net gain on sale of crypto assets held (non-current assets) (123 ) — — Gain on sale of business (300 ) — — Changes in fair value of other financial assets (non-current assets) 11 4 0.0 Change in fair value of warrant liability — (1,435 ) (9.6 ) (Increase) decrease in cash segregated as deposits (18,320 ) 7,601 50.7 (Increase) decrease in crypto assets held (current assets) (25,093 ) (495 ) (3.3 ) Increase in customer accounts receivable (280 ) (367 ) (2.4 ) (Increase) decrease in other financial assets (current assets) 631 (22 ) (0.1 ) (Increase ) decrease in other current assets 233 (613 ) (4.1 ) (Increase) decrease in deposits received 18,218 (8,365 ) (55.8 ) (Increase) decrease in other financial assets (non-current assets) — 155 1.0 Increase (decrease) in crypto asset borrowings 25,264 459 3.1 Increase (decrease) in other financial liabilities (230 ) 573 3.8 Increase in other current liabilities 299 159 1.1 Other, net 21 60 0.4 Cash provided by (used in) operating activities 3,903 (1,164 ) (7.8 ) Interest income received 5 2 0.0 Interest expense paid (5 ) (31 ) (0.2 ) Income taxes paid (1 ) (722 ) (4.8 ) Net cash provided by (used in) operating activities 3,902 (1,915 ) (12.8 ) Cash flows from investing activities Purchase of property and equipment (308 ) (176 ) (1.2 ) Proceeds from sale of property and equipment 6 0 0.0 Expenditure on internally generated intangible assets (380 ) (524 ) (3.5 ) Proceeds from refund of guarantee deposits 155 33 0.2 Proceeds from sale of crypto assets held (non-current) 22 — — Acquisition of subsidiaries, net of cash acquired — (236 ) (1.6 ) Purchase of other financial assets (non-current assets) (10 ) — — Payments on guarantee deposits (192 ) — — Purchase of other non-current assets (9 ) — — Sale of business, net of cash and cash equivalents divested 281 — — Net cash used in investing activities (435 ) (903 ) (6.0 ) Cash flows from financing activities Proceeds from short-term loans 1,200 1,800 12.0 Repayments of short-term loans (1,200 ) (1,800 ) (12.0 ) Proceeds from loans from related party — 8,508 56.8 Repayments of loans from related party — (7,887 ) (52.6 ) Repayment of lease obligations (327 ) (463 ) (3.1 ) Proceeds received from non-redemption agreement — 202 1.3 Proceeds from reverse recapitalization, net of non-redemption and share forward agreement — 205 1.4 Net cash (used in) provided by financing activities (327 ) 565 3.8 Effect of exchange rate changes on cash — (0 ) (0.0 ) Net increase in cash and cash equivalents 3140 (2,253 ) (15.0 ) Cash and cash equivalents at the beginning of period 7,697 10,837 72.3 Cash and cash equivalents at the end of period ¥ 10,837 ¥ 8,584 $ 57.3 Expand ____________________ * Convenience Translation into U.S. Dollars Expand COINCHECK GROUP N.V. and subsidiaries RECONCILIATION OF EBITDA December 31, March 31, March 31, 2024 2025 2025 Reconciliation of EBITDA: Net profit (loss) for the year or the period ¥ (15,445 ) ¥ 642 $ 4.3 Add: Income tax expenses (benefits) 537 241 1.6 Profit (loss) before income taxes (14,908 ) 883 5.9 Add: Interest expense 8 16 0.1 Add: Depreciation and amortization 149 253 1.7 EBITDA ¥ (14,751 ) ¥ 1,152 $ 7.7 Expand RECONCILIATION OF ADJUSTED EBITDA Japanese Yen United States Dollar * December 31, March 31, March 31, 2024 2025 2025 Reconciliation of Adjusted EBITDA: Net profit (loss) for the year or the period ¥ (15,445 ) ¥ 642 $ 4.3 Add: Income tax expenses (benefits) 537 241 1.6 Profit (loss) before income taxes (14,908 ) 883 5.9 Add: Interest expense 8 16 0.1 Add: Transaction expenses excluding listing expense 3,804 540 3.6 Add: Listing expense 13,714 — — Add: Depreciation and amortization 149 253 1.7 Adjusted EBITDA ¥ 2,767 ¥ 1,692 $ 11.3 Expand ____________________ * Convenience Translation into U.S. Dollars Expand COINCHECK GROUP N.V. and subsidiaries RECONCILIATION OF EBITDA Japanese Yen United States Dollar * March 31, March 31, March 31, 2024 2025 2025 Reconciliation of EBITDA: Net profit (loss) for the year or the period ¥ 1,967 ¥ (14,350 ) $ (95.7 ) Add: Income tax expenses (benefits) 873 991 6.6 Profit (loss) before income taxes 2,840 (13,359 ) (89.1 ) Add: Interest expense 6 29 0.2 Add: Depreciation and amortization 679 727 4.9 EBITDA ¥ 3,525 ¥ (12,603 ) $ (84.1 ) Expand RECONCILIATION OF ADJUSTED EBITDA Japanese Yen Dollar* For the fiscal year ended For the fiscal year ended March 31, March 31, March 31, 2024 2025 2025 Reconciliation of Adjusted EBITDA: Net profit (loss) for the year or the period ¥ 1,967 ¥ (14,350 ) $ (95.7 ) Add: Income tax expenses (benefits) 873 991 6.6 Profit (loss) before income taxes 2,840 (13,359 ) (89.1 ) Add: Interest expense 6 29 0.2 Add: Transaction expenses excluding listing expense 248 4,607 30.7 Add: Listing expense — 13,714 91.5 Add: Depreciation and amortization 679 727 4.9 Adjusted EBITDA ¥ 3,773 ¥ 5,718 $ 38.1 Expand ____________________ * Convenience Translation into U.S. Dollars Expand Japanese Yen United States Dollar * March 31, March 31, March 31, 2024 2025 2025 Reconciliation of EBITDA: Net profit (loss) for the year or the period ¥ 1,953 ¥ 642 $ 4.3 Add: Income tax expenses (benefits) 852 241 1.6 Profit (loss) before income taxes 2,805 883 5.9 Add: Interest expense 5 16 0.1 Add: Depreciation and amortization 248 253 1.7 EBITDA ¥ 3,058 ¥ 1,152 $ 7.7 Expand RECONCILIATION OF ADJUSTED EBITDA Japanese Yen United States Dollar * For the three months ended For the three months ended March 31, March 31, March 31, 2024 2025 2025 Reconciliation of Adjusted EBITDA: Net profit (loss) for the year or the period ¥ 1,953 ¥ 642 $ 4.3 Add: Income tax expenses (benefits) 852 241 1.6 Profit (loss) before income taxes 2,805 883 5.9 Add: Interest expense 5 16 0.1 Add: Transaction expenses excluding listing expense 53 540 3.6 Add: Listing expense — — — Add: Depreciation and amortization 248 253 1.7 Adjusted EBITDA ¥ 3,111 ¥ 1,692 $ 11.3 Expand ____________________ * Convenience Translation into U.S. Dollars Expand
Yahoo
24-02-2025
- Business
- Yahoo
Factbox-Crypto's biggest hacks and heists after $1.5 billion theft from Bybit
LONDON (Reuters) - Cryptocurrency exchange Bybit said last week hackers had stolen digital tokens worth around $1.5 billion, in what researchers called the biggest crypto heist of all time. Bybit CEO Ben Zhou said the crypto was taken from a "cold wallet" - a digital wallet usually stored offline and so supposedly more secure - that was used for ether tokens. Blockchain research firm Elliptic said the hack was more than double the last-biggest crypto heist and "is almost certainly the single largest known theft of any kind in all time." See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. The crypto industry has suffered a series of thefts, prompting questions about the security of customer funds, with hacking hauls totalling more than $2 billion in 2024 - the fourth straight year where proceeds have topped more than $1 billion. Here are some of the other major thefts to have plagued the industry since bitcoin was born in 2008. POLY NETWORK Hackers stole around $610 million in August 2021 from Poly Network, a platform that facilitates peer-to-peer token transactions. The hackers behind the heist later returned nearly all of the stolen funds. The hack underscored vulnerabilities in the burgeoning decentralised finance - DeFi - sector, where users lend, borrow and save in digital tokens, bypassing the traditional gatekeepers of finance such as banks and exchanges. RONIN NETWORK Hackers stole cryptocurrency worth - at the time of the hack - around $540 million from a blockchain project linked to the popular online game Axie Infinity in March 2022. Ronin, a network that allows the transfer of crypto coins across different blockchains, said that hackers stole some 173,600 ether tokens and 25.5 million USD Coin tokens. COINCHECK In January 2018, hackers stole cryptocurrency then worth around $530 million from Tokyo-based exchange Coincheck. The thieves attacked one of Coincheck's "hot wallet" - a digital folder stored online - to drain the funds, drawing attention to security at exchanges. South Korea's intelligence agency said at the time that a North Korean hacking group may have been behind the heist. MT. GOX In one of the earliest and most-high profile crypto hacks, bitcoin worth close to $500 million dollars was stolen from the exchange in Tokyo - then the world's biggest - between 2011 and 2014. which once handled 80% of the world's bitcoin trade, filed for bankruptcy in early 2014 after the hack was revealed, with some 24,000 customers losing access to their funds. WORMHOLE DeFi site Wormhole was hit by a $320 million heist last month, with the hackers making off with 120,000 digital tokens connected to the second-largest cryptocurrency, ether. The crypto arm of Chicago-based Jump Trading, which had the year before acquired the developer behind Wormhole, later replaced the funds "to make community members whole and support Wormhole now as it continues to develop."
Reuters
24-02-2025
- Business
- Reuters
Crypto's biggest hacks and heists after $1.5 billion theft from Bybit
LONDON, Feb 24 (Reuters) - Cryptocurrency exchange Bybit said last week hackers had stolen digital tokens worth around $1.5 billion, in what researchers called the biggest crypto heist of all time. Bybit CEO Ben Zhou said the crypto was taken from a "cold wallet" - a digital wallet usually stored offline and so supposedly more secure - that was used for ether tokens. Blockchain research firm Elliptic said the hack was more than double the last-biggest crypto heist and "is almost certainly the single largest known theft of any kind in all time." The crypto industry has suffered a series of thefts, prompting questions about the security of customer funds, with hacking hauls totalling more than $2 billion in 2024 - the fourth straight year where proceeds have topped more than $1 billion. Here are some of the other major thefts to have plagued the industry since bitcoin was born in 2008. Hackers stole around $610 million in August 2021 from Poly Network, a platform that facilitates peer-to-peer token transactions. The hackers behind the heist later returned nearly all of the stolen funds. The hack underscored vulnerabilities in the burgeoning decentralised finance - DeFi - sector, where users lend, borrow and save in digital tokens, bypassing the traditional gatekeepers of finance such as banks and exchanges. Hackers stole cryptocurrency worth - at the time of the hack - around $540 million from a blockchain project linked to the popular online game Axie Infinity in March 2022. Ronin, a network that allows the transfer of crypto coins across different blockchains, said that hackers stole some 173,600 ether tokens and 25.5 million USD Coin tokens. In January 2018, hackers stole cryptocurrency then worth around $530 million from Tokyo-based exchange Coincheck. The thieves attacked one of Coincheck's "hot wallet" - a digital folder stored online - to drain the funds, drawing attention to security at exchanges. South Korea's intelligence agency said at the time that a North Korean hacking group may have been behind the heist. In one of the earliest and most-high profile crypto hacks, bitcoin worth close to $500 million dollars was stolen from the exchange in Tokyo - then the world's biggest - between 2011 and 2014. which once handled 80% of the world's bitcoin trade, filed for bankruptcy in early 2014 after the hack was revealed, with some 24,000 customers losing access to their funds. DeFi site Wormhole was hit by a $320 million heist last month, with the hackers making off with 120,000 digital tokens connected to the second-largest cryptocurrency, ether. The crypto arm of Chicago-based Jump Trading, which had the year before acquired the developer behind Wormhole, later replaced the funds "to make community members whole and support Wormhole now as it continues to develop."
