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Coincheck Offers $ 420 Million In Compensation After Customers Lose Their Virtual Coins

Jan 29, 2018 | Uncategorized | 0 comments

Japanese Coincheck Exchange offers customers $ 426 million in damages after 530 million NEM crypto coins were stolen following a cyber attack.


In a communiqué published on the company’s website, Coincheck submitted that users with NEM crypto coins would be compensated at an exchange rate of $ 0.82 per currency (not: the present value of NEM is $ 1.03 per currency, according to coinmarketcap.com).

Also Read: KFC begins to accept Cryptocurrency, introduces Bitcoin Bucket

The company has reported that it has lost 523 million NEM coins as a result of a cyber attack in the e-wallets of 260,000 users. Coincheck did not mention the date on which customers would receive the damages but said it would finance the procedure from its own funds.

Also Read: Cryptocurrency VS Fiat Money: What’s The Difference?

The exchange rate to which users are compensated reflects the fall in NEM’s price, following Coincheck’s announcement of cyber attack. Some users have criticized Coincheck’s social media platforms for Facebook and Twitter, claiming that they should be compensated for the NEM’s previous price or that they should receive back all NEMs, not yen or dollars.

Also Read: Blockchain: The Cryptocurrency Ledger Redefining Trust

The company discovered the breach on Friday, after which it froze the withdrawals and deposits for every cryptocurrency except Bitcoin as the company has lost its NEM, which is a lesser known currency.


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