Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 88

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 88
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 we maintain for custody of customer assets, normally within 24 hours from execution of the transaction. We

may utilize crypto assets being held by us in our hot wallets that we have borrowed from customers under our

Coincheck Lending program to facilitate the prompt execution of our customers’ transactions before we

subsequently transfer the subject crypto assets to or from the segregated customer cold wallets.

We maintain cold wallets and private key information for the custody of customer crypto assets at a secure

storage facility we operate in Japan where access is strictly limited by multiple levels of security. Release of crypto

assets we maintain from a cold wallet requires use of a private key on a computer that is stored in a fireproof safe in

a dedicated cold wallet room in a building with a reinforced structure and modern earthquake-resistant features.

Separate card key and PIN authorizations are needed to access the cold wallet room and opening of the fireproof

safe. The private key in the computer is encrypted and requires a password for decryption. The decryption is

performed by a tamper-proof program written to a DVD stored with the computer so that the private key stored in

the computer is not directly displayed or disclosed to the person performing the authorization. These multiple

safeguards are designed so that the participation of multiple trusted individuals is necessary for the release of crypto

assets and no single individual is able to authorize release. Individuals entrusted with any role in the process are

limited to senior management personnel of the Company with a tenure of longer than one year. As of March 31,

2025, fewer than 10 members of management are authorized to participate in the release of the crypto assets, as per

our internal practices, and although this number can be increased in line with updates to internal practices we

continue to limit the members of management so authorized for enhanced security. With respect to our crypto assets

which we hold in a hot wallet, release is made using an automated program with the private key stored securely with

our cloud services provider. Transfers are limited to wallets instructed by our trading counterparties. Access to the

private key’s secure storage is limited to the same type of personnel as those who have access to our cold wallet

storage and is also designed to require the approval of multiple individuals for any change to the program settings.

All access is logged and reviewed on a periodic basis and our protocols and internal controls over access to

customer crypto assets are subject to assessment as part of our internal and external audit processes. Our

Accounting & Finance Department conducts procedures to