Date
17 October 2018
The customers received refunds in yen at a rate of 88.549 yen per NEM, which is higher than the current market rate but lower than the 110 yen value at the time of the hacking. Photo: Bloomberg
The customers received refunds in yen at a rate of 88.549 yen per NEM, which is higher than the current market rate but lower than the 110 yen value at the time of the hacking. Photo: Bloomberg

Coincheck spends US$435 mln to compensate customers after hack

Coincheck Inc., a Tokyo-based cryptocurrency exchange, said it has spent 46.3 billion yen (US$435 million) to compensate customers affected by the hacking of its trading platform in January, the Wall Street Journal reports.

It said it has resumed some exchange services after compensating 260,000 customers who had kept a digital currency called NEM at the exchange. Some 523 million units of NEM were stolen in the January cyberattack.

The customers received refunds in yen at a rate of 88.549 yen per NEM, which is higher than the current market rate but lower than the 110 yen value at the time of the hacking, the newspaper said.

A Coincheck spokeswoman said the company used its own funds for the payment, adding that the refunds were all given on Monday.

The company also resumed processing withdrawals of selected cryptocurrencies on Monday, but has yet to resume accepting deposits.

Investigators have not reported any significant progress in identifying the hackers, the Journal said.

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RC/CG

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