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Coincheck begins the process of compensation

Japanese exchange Coincheck today begins to reimburse victims of hacking the platform.

12.Mar.18 5:25 PM
By Daria Zaytseva


Coincheck begins the process of compensation

Today in a blog, Coincheck stated that it will return users at the rate of 88,549 Japanese yen (or $ 0.83) to the stolen NEM token - the same amount as stated in its original compensation plan - to customers' accounts who held a token at the end of January 26, Japanese time.

As previously reported, Coincheck first confirmed the hacking on January 26, confessing that about 523 million tokens had been stolen. Based on the compensation plan, users will receive a total amount of $ 420 million.

In addition, Coincheck also announced today that it is resuming withdrawals, as well as trading in several cryptocurrencies, including ETH, ETC, XRP, LTC, BCH and BTC. The exchange further stated that it will take more time to resume services for other assets.

While the company is trying to regain the normal functioning of its business, another report today shows that Coincheck may have been compromised a few weeks before the heist happened.

According to Nikkei Asia Review, the cause of the violation, as Coincheck previously pointed out, was a form of malware that had infected the company's internal computer systems.

The new report, referring to anonymous sources close to the police investigation, said that in early January hackers first sent phishing emails to Coincheck employees who then injected the virus after employees were clicked on links.

Subsequently, the report stated that hackers were able to collect secret keys for a large number of NEM weeks before the actual heist, during which Coincheck did not have the proper tools for detecting such a connection between themselves and external servers.

The recognized lack of security measures also caused the FSA to study the company's system. With the second administrative fine issued by the agency, Coincheck must also submit a written plan by March 22 for its plans to improve the system.

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