Japan’s largest crypto exchange will Refund $426 million to its customers.
Coincheck lost more than $520 million after a hack it suffered during the last week, according to the Wall Street Journal. However, the company will only refund $426 million of the whole amount, at the moment.
On the 26th of January, Coincheck representatives stated that $500 million NEM tokens have been hacked to be sent out of the exchange. Coincheck shut down withdrawals and deposits in NEM token plus all the non-bitcoin trades.
More than 260,000 customers were affected by the hackers actions and the company promised to refund their customers loses in Japanese Yen at a Rate of 88.549 Yen per lost NEM token. However, company’s representatives didn’t offer any information on when this will happen but it could happen soon since the funds in the value of $426 million have already been designated for this refunding action.
The customers will be paid via their Coincheck wallet
As the Coincheck representatives announced in a blog post on their official site, the refund rate will be calculated based on the prices from the beginning of the period of withdrawals and NEM trading suspension and ending with the moment the announcement has been made.
Customers reactions on Twitter weren’t really positive. Many of the customers complain about how the company calculated the refund rate, suggesting that the company should calculate the rate based on the higher price rate of the NEM of before the unfortunate event. Plus, customers think Coincheck decision to pay the loses in Yen is not righteous and ask to be reimbursed in NEM.
The last week’s hackers attack the Coincheck exchange causing a gap of $520 million. That, however, didn’t change the company’s plans as they are still looking forward to obtaining a license from the Japanese government to run as a legal cryptocurrency exchange.
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