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Author Topic: [2018-03-08] Coincheck Exchange to Compensate Hack Victims From Next Week  (Read 9 times)
nickbelski
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March 08, 2018, 09:57:52 AM
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Japanese cryptocurrency exchange Coincheck has announced it will start compensating customers that suffered losses in its January hack starting from next week.

In a press conference Thursday, Coincheck CEO Koichiro Wada and COO Yusuke Otsuka said that the platform will release more details of the compensation process in the next few days. The pair also revealed a further plan to resume trading services for some cryptocurrencies next week.

As reported by CoinDesk, Coincheck first confirmed some 500 million NEM token had been stolen on Jan. 26, which at the time were worth around $530 million. Soon after the incident, the platform announced it would compensate each stolen token at a rate of $0.81 per token - an amount near $420 million.

However, Japan's financial regulator, the Financial Services Agency (FSA), soon stepped in to inspect the platform's security measures and its fiscal capacity for refunding victims of the heist. As the investigation continued, customers of the exchange also filed class action lawsuits demanding that Coincheck expedite reimbursement of their losses.

Coincheck's plan for reimbursements comes amid a wider effort by the FSA to more closely scrutinize cryptocurrency exchanges in Japan to bring about improved services and security following the hack.

As reported by CoinDesk, following an extensive investigation of the remaining unlicensed exchanges in Japan, the FSA has issued administrative penalties to seven trading platforms today, two of which are ordered to suspend services, while all are mandated to submit a written plan for security improvements by March 22.

Source: https://www.coindesk.com/coincheck-exchange-to-compensate-hack-victims-from-next-week/

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March 08, 2018, 11:21:03 AM
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This is good news for all those who have lost money in Coincheck hack,however only fair response would be to pay back the total loss and not only 420$ of 530$ million stolen.Some might say better something than nothing,but in my opinion every exchange should be responsible for the total amount of the users funds.This is something that should be regulated by law in every country,exchanges must have insurance in case of hacking and they must keep most of coins in cold wallets.

Until that changes exchanges will be free ATMs for hackers and inside jobs.Who can say Coincheck hack is not inside job with profit of 110$ million?

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