Coincheck Starts Refunding Victims of Crypto Hack, Resumes Limited Trading

Cryptocurrencies
Coincheck Hack $500m Boost for XEM as Exchange Begins Payout

Cryptocurrencies Coincheck Hack $500m Boost for XEM as Exchange Begins Payout

Suspicious communications between the computers of Tokyo-based cryptocurrency exchange Coincheck and unidentified servers outside Japan began weeks before the January 26 theft of 58 billion yen ($542 million) of the cryptocurrency NEM, a new finding suggests, a person close to the police investigation said.

The Financial Services Agency said Coincheck lacked proper systems for dealing money laundering and terrorism financing, and in the second such punishment since the hack ordered it to submit a report on how it would improve by until March 22. Coincheck said that the refund will directly appear in the account of all those customers who held the tokens at the close of 26th of Jan, Japan time.

Coincheck, which is a Tokyo-based exchange operator, declared earlier today that it will start compensating users who were affected by the theft by next week.

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.

After a month-long probe by the FSA and having faced several class action lawsuits, the exchange has finally initiated the refund today as promised by the exchange's CEO and COO during a press conference last Thursday.

While resuming its crypto sales services, the exchange also addressed its business improvement order: "We will solemnly and seriously take the measures we take carefully and will deeply reflect on ourselves and will drastically review our internal control system and management control system and will review the management strategy that thoroughly protects customers".

Coincheck chief operating officer Yusuke Otsuka said last week that the company's system was breached after several staff members opened emails containing malware. Compensation will be paid in Japanese yen, at the rate of around 88.5 yen (around $0.83) to one NEM coin.

In the after theft drill, some of the NEM tokens traced to a Japanese NEM exchange Zaif as well as to a Canadian cryptocurrency exchange.

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