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About system error occurred on May 9, 2017

We will report about system error and suspension of the service that occurred on May 9, 2017.

On 11:25 am Tuesday, May 9, 2017, we stopped the service due to incorrect virtual currencies buying and selling price calculated by the system. We decided to stop the service and returned to the state before the incident (From now on referred to as “rollback”).

Notice: About system error occured

Cause of occurrence of this event
1: The system calculated abnormal buying/selling price of the virtual currency.
2: The abnormal price settled numerous open orders, diverging prices of the virtual currencies on Coincheck clearly and largely from the actual prices.
3: Judging that it is difficult to provide stable services we decided to stop the service.

Current status
We rolled back all data to the state at 11:25 am Tuesday, May 9, 2017, before the event occurrence.

Impact of this event
We stopped the service from 11:45 am to 4:30 pm on Tuesday, May 9, 2017. From above reason users were unable to use our service during that time span.

Regarding the occurrence of this event, it is not caused by an external attack such as hacking. All users personal information and assets(fiat currency/virtual currency) are safe.

Currently, to prevent the occurrence of similar events beforehand, we are developing preventive measures. Regarding preventive measures, we will announce them on this blog when we are ready.

We sincerely apologize for the inconvenience.

Coincheck Cryptocurrency Exchange