Coincheck Crypto Exchange Will Compensate Hack Victims

The giant crypto exchange Coincheck has announced that it will return its debts to customers who have suffered from the hacker attack that occurred in January 2018.

On 26 January 2018, the Japanese Coincheck was attacked by hackers. The platform lost $ 531 million owned in NEM tokens. The incident has attracted a lot of attention and bad consequences from the investors’ side.

According to Japanese media Sankei, till 27 February 2018, 139 investors have filled class action lawsuits. These have submitted applications that request from Coincheck over 228 million yen in cryptocurrency.

Due to the currency decline caused during the withdrawal of money, the payout of 13 kinds of currencies deposited by 132 persons, the payment of 100,000 yen for each other, The company filed additional complaints in search of the company and president Koichi Wada”, mentioned Sankei.

Today, 8 March 2018, during a press conference, the Coincheck’s CEO Koichiro Wada and Chief Operating Officer Yusuke Otsuka explained that the crypto exchange will disclose more information about the customers’ compensation process in the following days.

These two further said that the Coincheck’s team will review the platform’s cryptocurrency portfolio and will probably introduce new digital currencies proposed for trading activities through the crypto exchange.

The pay-off plan will primarily be accomplished due to the Financial Services Agency (FSA), which has investigated the case of the attack on the Coincheck platform as well as other national crypto exchanges in order to find solutions to combat the occurrence of such incidents in Japan.

According to the press conference, Coincheck are planning finally to remunerate the victims. There are still many things the platform must solve. Once they are done with customers, it will be able to focus more on company’s activities.

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