Coincheck will refund those affected by recent hack

On Friday, the Japanese cryptocurrency exchange, Coincheck, was hacked and customers lost a huge $400 million collectively. The firm is now taking responsibility and has said that it’ll refund all of those who were affected. The theft, which impacted 260,000 users, didn’t involve bitcoin, but rather another cryptocurrency called NEM - which in the past day has seen a +20.70% shift.

Up until now, Coincheck has navigated the problem fairly well, reacting in under two days with the announcement that it’ll refund affected users. This will definitely reassure users that the exchange is legitimate and is looking out for them.

In a statement, which has been translated from Japanese, the company said:

“We are sorry for the inconvenience to our customers, business partners and other concerned parties such as suspension of some services and we sincerely apologize.”

Going forward, Coincheck will restart its services and investigate how the attack took place in order to patch their systems to mitigate against similar hacks in future. Additionally, the firm has said it will apply to register as a virtual currency exchange company with the Financial Services Agency.

No date has been set for the reimbursement just yet, but if you’re a user of their exchange keep a look out for any news from them.

Source: Coincheck via Bloomberg

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