Coincheck to Repay Users Who Lost Money in $400 Million Hack

Japanese cryptocurrency exchange Coincheck Inc. stated it will use its personal capital to reimburse clients who lost income in Friday’s $400 million theft.

The Tokyo-based company will repay all 260,000 customers impacted by the theft of NEM coins, at a rate of 88.549 yen (82 U.S. cents) for each and every coin, according to a statement posted on its site following midnight neighborhood time on Sunday. A total of 523 million coins were stolen, it mentioned.

“The timing in the reimbursement plus the application method are currently beneath consideration,” Coincheck mentioned inside the statement. “The supply from the refunded money is getting carried out working with our own capital.”

NEM rates surged 21 percent to $1.03 as of 12:31 p.m. Tokyo time, based on prices on coinmarketcap.com. Other cryptocurrencies such as Bitcoin, Ether, and Litecoin also gained.

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