Coincheck to start repaying customers after digital money heist

Share
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.

Share

Advertisement

Related Posts

Ethiopian army blames civilian deaths on 'faulty intelligence'
Prime Minister Hailemariam Desalegn has resigned last month saying he had done what he was able to do to solve the problem in the country.

Delhi: Kejriwal's top aide, a 'witness' in chief secretary assault case quits
In one his statements, Jain said he was in the washroom at the time the incident took place but later changed his statements. Jain had not been coming to the CMO since the incident and had gone on a week-long medical leave, the sources said.

Calls for warnings on labels of 'astonishingly salty' Chinese food
Consuming too much salt has been associated with the development of degenerative health conditions, which include heart disease . It meant having a main and a side dish would contain more salt than the recommended daily limit of 6g.

Unions block Eskom signing renewable energy deals
We are confident that the court will recognize that our rights have been violated and will look favorably on our application. The combination of all these factors will have dire consequences for the working class and the poor .

Millennial railcard chaos as site crashes and only 10000 available
This new card will costs £30 per year and will only be available digitally, meant to be used on smartphones. The card is aimed at leisure travel, and will not be applicable to season tickets.

Charlie Nicholas states his prediction for Man United v Sevilla
That billing belongs to the likes of Barcelona, Real Madrid, Bayern Munich and United's local rivals and runaway Premier League leaders Manchester City.

'American Idol' 2018 capitalizes on chemistry, connection, and second chances
None of the judges know what to say, and after a few painful moments, Sardor is thankfully shown the door. She said she has hopes of bringing the show back to life and to give hope to other aspiring singers.

Certain forces used my parents' emotions against me, says Hadiya
He said they were planning to meet their relatives soon and a detailed press conference would be held in Kozhikode before Ms. Hadiya said her parents were misguided by "anti-national forces". "I accepted a religion which I felt is genuine".

Final Fantasy 7 Remake Job Listing Seeking Person to Boost Quality
It seems like the developers, Square Enix, are examining programs that implement general functions and contents for the game. Final Fantasy 7 Remake is a complete reconstruction of the original game being developed by Square Enix.

Wells Fargo & Co Reiterates Buy Rating for Sempra Energy (NYSE:SRE)
TheStreet downgraded shares of Sempra Energy from a "b-" rating to a "c" rating in a research report on Tuesday, February 27th. They now have a $120.00 price objective on the utilities provider's stock, down from their prior price objective of $121.00.

© 2015 ExpressNewsline. All Rights reserved.