coincheck 800x500 - Coincheck Ready to Compensate Users and Re-Start Operations

Coincheck Ready to Compensate Users and Re-Start Operations

The Japanese cryptocurrency exchange hacked, Coincheck, will start compensating customers who lost their assets during January’s hack. The company announced that they will resume their operations and that its users will be compensated.

Coincheck Refunds Investors

At UseTheBitcoin, we have covered some days ago, that the Japanese Services Agency (FSA) sent “punishment notices” to some cryptocurrency exchanges in the country. An important senior official at the FSA told reporters that Coincheck was going to reimburse customers in the coming days.

Japan
Japan Financial Service Agency FSA

Now, Coincheck is ready to give back its customers around 80% of the total yen lost during the hack. The attack, that took place on January the 26th, resulted in the loss of 58 billion yen worth of NEM and over 260,000 customers were affected by the incident. When the attack occurred, the company had to suspend almost all of its services.

The official webpage of Coincheck reads as follows:

“We would like to offer our sincerest apologies to our customers, other exchanges and everyone else affected by the illicit transfer of NEM which occurred on our platform. We vow to take action on all of the points listed in the business improvement order handed down from the Financial Services Agency as we work towards resuming normal business operations.”

The attack suffered by Coincheck generated worries in the Japanese authorities and in other exchanges. Indeed, sixteen cryptocurrency exchanges have decided to create a self-regulatory body that will start operating in April. The intention behind that is to create a better framework for cryptocurrency operations and to protect investors against possible problems.

At the same time, the FSA started to control cryptocurrency exchanges and generate onsite inspections in most of them. But the Coincheck hack was not the only problem that raised concerns among Japanese institutions.

Another cryptocurrency exchange known as Zaif, presented a bug in its platform that allowed investors to purchase Bitcoin for free.

Coincheck will now work in order to comply with all the regulatory requirements (KYC and AML policies) and will give funds back to the users affected by the hack.

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