Coincheck Reports $98 Million Loss Despite Revenue Surge and Doubling Trading Volume

Nasdaq-Listed Coincheck Reports $98 Million Loss in Q3

Coincheck Group N.V., a leading Japanese cryptocurrency exchange and a Nasdaq-listed company, reported a significant loss of $98 million in the fiscal third quarter. Despite a 75% increase in revenue, reaching $785 million compared to $448 million in the previous quarter, the company faced challenges due to high sales expenses. Trading volume also doubled, and customer assets grew by 72% to $6.9 billion. However, these positive metrics were overshadowed by the financial loss. Coincheck's shares dropped by 7%, closing at $7.030. The company, which merged with Thunder Bridge Capital Partners IV in December, continues to focus on cryptocurrency trading as its core business. (Source: Benzinga, https://www.benzinga.com/markets/cryptocurrency/25/02/43683304/nasdaq-listed-crypto-exchange-coincheck-reports-loss-of-98-million-in-q3-shares-tumble-7)

Pi Network to Launch Open Network Amid Controversies

Pi Network, a blockchain platform enabling users to mine PI coins, has announced February 20 as the launch date for its Open Network mainnet. This transition will allow the blockchain to connect with external networks, expanding its real-world use cases. The platform boasts millions of KYC-verified users and a growing ecosystem of utility-based applications. However, Pi Network has faced criticism, with some labeling it as a multi-level marketing scheme. Major exchanges like Bybit have refrained from listing the token, citing concerns. Despite this, OKX has confirmed support for the Pi token, with trading set to begin on February 20, 2025. (Source: CryptoSlate, https://cryptoslate.com/pi-network-prepares-to-open-to-external-networks-amid-listing-challenges/)

WhiteBIT Secures Over $150 Million in Stolen Crypto

WhiteBIT, a cryptocurrency exchange, has successfully frozen over $150 million in at-risk cryptocurrency funds in 2024, showcasing its commitment to combating digital crime. The exchange played a pivotal role in recovering $4.8 million in stolen funds across various high-profile cases, including incidents involving Ripple and the North Korean hacking group Lazarus. WhiteBIT also emphasizes advanced security measures, such as storing 96% of funds in cold wallets and enforcing two-factor authentication. Ranked among the top five most secure crypto exchanges globally, WhiteBIT continues to set industry benchmarks for security. (Source: Morningstar, https://www.morningstar.com/news/globe-newswire/9358024/whitebit-freezes-over-150m-how-the-exchange-is-fighting-crypto-crime)

Bitget Lists Story Protocol with Exclusive Rewards

Bitget, a leading cryptocurrency exchange, has listed Story Protocol (IP) on its platform, offering spot trading and an exclusive Launchpool rewards campaign. Trading for the IP/USDT pair began on February 13, 2025, while the Launchpool campaign allows users to lock BGB tokens to earn a share of 554,500 IP in rewards. Story Protocol is a Layer-1 blockchain designed to empower creators by enabling them to register intellectual property on-chain. This listing highlights Bitget's commitment to supporting innovative projects and fostering engagement within the crypto community. (Source: Markets Insider, https://markets.businessinsider.com/news/stocks/bitget-lists-story-protocol-ip-with-exclusive-launchpool-rewards-and-spot-trading-1034355962)

SEC Case Against Binance Temporarily Halted

The U.S. Securities and Exchange Commission's (SEC) case against Binance has been put on hold. The legal proceedings, which have drawn significant attention in the crypto industry, are part of ongoing regulatory scrutiny of cryptocurrency exchanges. While details remain limited, the pause in the case reflects the complexities of navigating legal challenges in the rapidly evolving crypto landscape. (Source: Reuters, https://www.reuters.com/legal/us-sec-case-against-crypto-exchange-binance-put-hold-2025-02-13/)

Coinbase Posts $1.3 Billion Profit in Q4 2024

Coinbase, one of the largest cryptocurrency exchanges, reported a $1.3 billion profit for the fourth quarter of 2024, driven by a strong crypto bull run. The company continues to benefit from increased trading activity and market growth, solidifying its position as a leader in the crypto space. This performance underscores the resilience of the crypto market and Coinbase's ability to capitalize on favorable conditions. (Source: Fortune, https://fortune.com/crypto/2025/02/13/coinbase-brian-armstrong-post-2-billion-in-q4-2024/)

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