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Bitcoin plunge deals blow to Coincheck's turnaround plans

Hacked crypto-exchange says trading remains weak after resuming operations

Tokyo-based cryptocurrency exchange Coincheck is having trouble winning back business following a 58 billion yen heist in January.

TOKYO -- Falling bitcoin prices have dented hopes for a revival of trading at Japanese cryptocurrency exchange Coincheck, its top executive said on Wednesday, as the company tries to turn its business around after it suffered one of the biggest thefts in history.

The price of bitcoin is hovering at about $3,300, according to CoinDesk, down by nearly half versus a month ago and more than 80% below its peak in December 2017. The slide has poured cold water on Coincheck's efforts to revive its fortunes after 58 billion yen ($511 million) worth of cryptocurrency was stolen in January, an incident that triggered regulatory crackdown on the industry.

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