The Japanese Crypto exchange, Coincheck, will be reimbursing $425M back to its users who were affected by a series of database “hacks.”
The hack involved around 58B yen that was lost (in NEM coins) which cause Coincheck to shutdown immediately. The $425M reimbursement will be distributed to the 260,000 users that were affected by the security breach.
“We realize that this illicit transfer of funds from our platform and the resulting suspension in services has caused immense distress to our customers, other exchanges, and people throughout the cryptocurrency industry, and we would like to offer our deepest and humblest apologies to all of those involved. In moving towards reopening our services, we are putting all of our efforts towards discovering the cause of the illicit transfer and overhauling and strengthening our security measures while simultaneously continuing in our efforts to register with the Financial Services Agency as a Virtual Currency Exchange Service Provider.”
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