Coincheck to start repaying customers after digital money heist

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Coincheck to start repaying customers after digital money heist

Starting today, Japanese cryptocurrency exchange Coincheck has started to refund all its customers who were the victims of the crypto hack that wiped out $530 million of funds being stolen from the customer accounts.

In a blog post dated March 12, Coincheck said it will refund users at the rate of 88.549 Japanese yen (or $0.83) per NEM token stolen - the same amount as stated in its initial compensation plan - to the accounts of customers who held the token at the close of January 26, Japan time.

Thieves syphoned away 523 million units of the cryptocurrency from Coincheck - then valued at $547 million - during the January 26 hack, which exceeded the $480 million in bitcoin stolen in 2014 from another Japanese exchange, MtGox.

Japan's financial regulator, the Financial Services Agency (FSA), stated it would enhance its analysis of local exchanges in the days right after the robbery with on-site examinations.

While the company tries to get its business functioning back to normal, another report today indicates that Coincheck may have been compromised weeks before the heist happened.

Coincheck chief operating officer Yusuke Otsuka said last week that the company's system was breached after several staff members opened emails containing malware.

The 2014 hack prompted Japan to issue new regulations, requiring exchanges to obtain a government licence, but Coincheck was allowed to continue operating while the Financial Services Agency was reviewing its application. Compensation will be paid in Japanese yen, at the rate of around 88.5 yen (around $0.83) to one NEM coin. Well, as things resume to normalcy after a long time we hope that the exchanges in coordination with the FSA have implemented enough security measures to prevent any such theft again in the future.

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