• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Coincheck to Reimburse $425 Million to Users Affected by Hack

Jeff Francis by Jeff Francis
4 years ago
in News, Altcoins, Bitcoin Businesses, Bitcoin Exchange, News teaser
0
Advertisement

Japanese crypto exchange Coincheck announced that it would reimburse roughly $425 million to its users affected by the recent hack.


Usually when a cryptocurrency exchange is hacked, its users are out of luck. Valuable coins that have been stolen are never seen again, leaving users with empty wallets, shattered hopes, and lots of anger. However, the recent major hack of Coincheck is playing out differently as the Japanese exchange announces it will pay back $425 million to those affected by the virtual robbery.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

coincheck hack

Staggering Losses

The recent hack on Coincheck was huge. Overall, 58 billion yen worth (just over $533 million USD) of NEM coins were stolen, which forced the crypto exchange to shut down all withdrawals except for bitcoins.

However, there is light at the end of the dark, dark tunnel. The exchange now says that it will pay back 46.3 billion yen ($425 million) to the 260,000 users who were impacted by the hack. Some may say that the repayment is only about 90% of the actual funds stolen, but I would argue that getting 90% of your stolen money back is a damn good thing.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Reparations policy towards users affected by the illicit transfer of the cryptocurrency NEM from Coincheck https://t.co/uaYAwj4QcM

— Coincheck (@coincheck_en) January 28, 2018

Not Being Hung Out to Dry

On the official Coincheck blog, the exchange notes:

We realize that this illicit transfer of funds from our platform and the resulting suspension in services has caused immense distress to our customers, other exchanges, and people throughout the cryptocurrency industry, and we would like to offer our deepest and humblest apologies to all of those involved. In moving towards reopening our services, we are putting all of our efforts towards discovering the cause of the illicit transfer and overhauling and strengthening our security measures while simultaneously continuing in our efforts to register with the Financial Services Agency as a Virtual Currency Exchange Service Provider.

Reparations will be made in JPY coins that will be paid into a Coincheck wallet. The actual method for applying the reimbursement, as well as the time it will take place, has not yet been determined.

The calculation method for the coin amount is based upon the weighted average price of NEM, which constitutes the prices from the suspension of new purchases to the time of the reparation announcement.

Another sting is likely waiting for the crypto exchange. The Japanese Financial Services Agency (FSA) is also considering some sort of administrative punishment, such as a fine, for the hack. Exchanges operating in Japan are supposed to have adequate security to prevent such attacks.

What do you think about Coincheck reimbursing its users? Were you one of the 260,000 affected by the hack? Let us know in the comments below.


Images courtesy of Twitter/@coincheck_en, Bitcoinist archives, and Pxhere.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jeff Francis

Jeff Francis

Related Posts

Warba Bank

Warba Bank Becomes 1st Islamic Lender To Enter The Metaverse

2 days ago
Sango, President Faustin-Archange Touadéra

The Central African Republic Unveils Sango Project, Disappoints The World

2 days ago
Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

4 days ago
Cryptoqueen

‘Cryptoqueen’ Has A $100,000 Bounty On Her Head Offered By The FBI

5 days ago
Three Arrows

Three Arrows Capital Gets Notice Of Default On $660 Million Voyager Loan

1 week ago
Morgan Creek

Morgan Creek Said To Be In Bid To Secure $250-M To Counter FTX BlockFi Bailout

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.