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Friday, 9 March 2018

Coincheck To Start Compensating Hack Victims


The Japanese exchange that was hacked and that lost cryptocurrencies worth Billions of Yen, is getting ready to compensate the victims and resume operations next week.The exchange was slammed with 2 business improvement orders and by Japan's financial regulator and may stop trading Cryptocurrency for some time.


Summary:

  • The exchange was hacked in January 26 and lost approximately 58 Billion Yen,which is about 550 Miliion USD, and the incident forced the exchange to close operations.
  • The exchange promised to pay 88.549 yen for each NEM lost, which amounts to 46 Billion Yen.
  • Some are however demanding compensation of the full amount at the time of the hack.
  • The company is also repaying in Yen instead of Cryptocurrencies, adding that from next week, the funds will begin to appear in the customers' accounts.
  • Customers however are having none of that as multiple lawsuits have been filed against the company.
  • Investigations carried out reveals that the hack was as a result of malware sent via email of employees.
  • On whether the email came from within Japan or overseas, the COO said he was not at liberty to make comments as he is under investigation.
  • "In order to prevent re-attacks, we reconstructed our internal network, [which is] constantly monitored…restructured servers in new environments, and fully replaced business PCs." he further went on to say as regards the new measures being put in place.
  • The company announced that it will resume activities, trading with cryptocurrencies it has deemed safe and might stop dealing with currencies that have high levels of anonymity.
What do you think about Coincheck's plan of compensation and their protective measures?


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