A man walks past a poster that informs customers that bitcoin can be used in this shop in Tokyo on January 06, 2018.
Bitcoin is recognised as legal tender in the world's third-biggest economy and nearly one third of global bitcoin transactions in December were denominated in yen, according to specialised website jpbitcoin.com / AFP PHOTO / Toru YAMANAKA / TO GO WITH AFP STORY:  Japan-economy-bitcoin-forex, FOCUS by Ayaka MCGILL / Etienne BALMER
A man walks past a poster that informs customers that bitcoin can be used in this shop in Tokyo. Bitcoin is recognised as legal tender in the world's third-biggest economy. prices of Cryptocurrencies Show more

Cryptocurrencies slide as Japanese exchange withdrawals halt spook investors



Cryptocurrencies slumped after one of Japan’s biggest Bitcoin venues halted client withdrawals, spooking investors in a country that’s still wary of digital-token exchanges four years after the collapse of Mt. Gox exchange.

Coincheck, based in Tokyo, said in a series of tweets that it had suspended all withdrawals, halted trading in all tokens except Bitcoin and stopped deposits into NEM coins. When reached by phone, an exchange official wouldn’t provide further details and didn’t respond to a subsequent emailed request for comment. Additional calls to Coincheck went straight to voicemail.

NEM, the 10th-largest cryptocurrency by market value, fell 15 per cent in the 24 hours through 5:52am New York time, according to Coinmarketcap.com. Bitcoin dropped 6.5 per cent and Ripple retreated 11 per cent in that period.

“Investors and traders are very sensitive to any news involving the big exchanges,” said Peter Sin, a trader and co-head of the digital currency sub-committee at ACCESS, a Singapore-based cryptocurrency and blockchain industry association. “This will accelerate price declines.”

Cryptocurrency exchanges, many of which operate with little to no regulation, have suffered a spate of outages and hacks amid the trading boom that propelled Bitcoin and its peers to record highs last year.

In Japan, one of the world’s biggest markets for cryptocurrencies, policy makers have introduced a licensing system to increase oversight of local venues, seeking to avoid a repeat of the Mt. Gox exchange collapse that roiled cryptocurrency markets worldwide in 2014. Coincheck has yet to receive a license, according to the website of Japan’s financial regulator.

“Coincheck is a very well-known exchange in Japan,” said Hiroyuki Komiya, chief executive of Tokyo-based Blockchain Technology Consulting. “We’ve seen several outages at various crypto exchanges recently, so the extent and seriousness of Coincheck’s halt isn’t yet clear. We’re all very eagerly awaiting to hear more detail on what’s happening.”

Coincheck, founded in 2012, had 71 employees as of July with headquarters in Tokyo’s Shibuya district, an area popular with startups that was also home to Mt. Gox, according to Coincheck’s website. Last year, it began running commercials on national television featuring popular local comedian Tetsuro Degawa.

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

Itcan profile

Founders: Mansour Althani and Abdullah Althani

Based: Business Bay, with offices in Saudi Arabia, Egypt and India

Sector: Technology, digital marketing and e-commerce

Size: 70 employees 

Revenue: On track to make Dh100 million in revenue this year since its 2015 launch

Funding: Self-funded to date

 

Brief scores:

Toss: Sindhis, elected to field first

Kerala Knights 103-7 (10 ov)

Parnell 59 not out; Tambe 5-15

Sindhis 104-1 (7.4 ov)

Watson 50 not out, Devcich 49

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Brief scores:

Everton 2

Walcott 21', Sigurdsson 51'

Tottenham 6

Son 27', 61', Alli 35', Kane 42', 74', Eriksen 48'​​​​​​​

Man of the Match: Son Heung-min (Tottenham Hotspur)

The years Ramadan fell in May

1987

1954

1921

1888

TECH SPECS: APPLE WATCH SE (second generation)

Display: 40mm, 324 x 394; 44mm, 368 x 448; Retina LTPO OLED, up to 1000 nits; Ion-X glass

Processor: Apple S8, W3 wireless

Capacity: 32GB

Memory: 1GB

Platform: watchOS 9

Health metrics: 2nd-gen heart rate sensor, workouts, fall/crash detection; emergency SOS, international emergency calling

Connectivity: GPS/GPS + cellular; Wi-Fi, LTE, Bluetooth 5.3, NFC (Apple Pay)

Durability: Water resistant up to 50m

Battery: 269mAh Li-ion, up to 18h, wireless charging

Cards: eSIM

Finishes: Aluminium; midnight, silver, starlight

In the box: Watch SE, magnetic-to-USB-C charging cable, band/loop

Price: Starts at Dh999 (40mm) / 1,119 (44mm)

TECH SPECS: APPLE WATCH SERIES 8

Display: 41mm, 352 x 430; 45mm, 396 x 484; Retina LTPO OLED, up to 1000 nits, always-on; Ion-X glass

Processor: Apple S8, W3 wireless, U1 ultra-wideband

Capacity: 32GB

Memory: 1GB

Platform: watchOS 9

Health metrics: 3rd-gen heart rate sensor, temperature sensing, ECG, blood oxygen, workouts, fall/crash detection; emergency SOS, international emergency calling

Connectivity: GPS/GPS + cellular; Wi-Fi, LTE, Bluetooth 5.3, NFC (Apple Pay)

Durability: IP6X, water resistant up to 50m, dust resistant

Battery: 308mAh Li-ion, up to 18h, wireless charging

Cards: eSIM

Finishes: Aluminium – midnight, Product Red, silver, starlight; stainless steel – gold, graphite, silver

In the box: Watch Series 8, magnetic-to-USB-C charging cable, band/loop

Price: Starts at Dh1,599 (41mm) / Dh1,999 (45mm)

COMPANY PROFILE

Name: Yango Deli Tech
Based: UAE
Launch year: 2022
Sector: Retail SaaS
Funding: Self funded

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

DUNE: PART TWO

Director: Denis Villeneuve

Starring: Timothee Chamalet, Zendaya, Austin Butler

Rating: 5/5

'The Last Days of Ptolemy Grey'

Rating: 3/5

Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro

Writers: Walter Mosley

Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Rashid & Rajab

Director: Mohammed Saeed Harib

Stars: Shadi Alfons,  Marwan Abdullah, Doaa Mostafa Ragab 

Two stars out of five 

Teams in the EHL

White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

MATCH INFO

Manchester United v Everton
Where:
Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD

Bridgerton season three - part one

Directors: Various

Starring: Nicola Coughlan, Luke Newton, Jonathan Bailey

Rating: 3/5

The specs: 2018 Mercedes-Benz E 300 Cabriolet

Price, base / as tested: Dh275,250 / Dh328,465

Engine: 2.0-litre four-cylinder

Power: 245hp @ 5,500rpm

Torque: 370Nm @ 1,300rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.0L / 100km

T20 World Cup Qualifier fixtures

Tuesday, October 29

Qualifier one, 2.10pm – Netherlands v UAE

Qualifier two, 7.30pm – Namibia v Oman

Wednesday, October 30

Qualifier three, 2.10pm – Scotland v loser of qualifier one

Qualifier four, 7.30pm – Hong Kong v loser of qualifier two

Thursday, October 31

Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four

Friday, November 1

Semi-final one, 2.10pm – Ireland v winner of qualifier one

Semi-final two, 7.30pm – PNG v winner of qualifier two

Saturday, November 2

Third-place playoff, 2.10pm

Final, 7.30pm

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

Last 10 NBA champions

2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2

Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books

Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

UAE currency: the story behind the money in your pockets

Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)

  • Arrive with a thank you gift, or make sure you have one for your host by the time you leave. 
  • Offer to buy groceries, cook them a meal or take your hosts out for dinner.
  • Help out around the house.
  • Entertain yourself so that your hosts don’t feel that they constantly need to.
  • Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
  • Offer to strip the bed before you go.

Latest
Most Read
Top Videos

Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week