$500Million Crypto Heist: Coincheck Hack Victims Promised Compensation

RT – March 9, 2018: A Japanese exchange is to begin compensating customers who had their cryptocurrency stolen in a heist worth hundreds of millions of dollars. Coincheck announced that it would reimburse all 260,000 users affected.

Hackers entered its systems and plundered $500million worth of the NEM coins in January this year. Coincheck froze all withdrawals of yen and cryptocurrencies following the heist. The company said it would offer customers compensation worth around 80 percent of the digital token’s original value. The theft is thought to be one of the biggest robberies in history and has given rise to serious questions about the security of cryptocurrency exchanges.

Japan’s Financial Services Agency (FSA) conducted a crackdown on the exchanges in the aftermath of the attack. On Thursday (March 8), the FSA ordered Coincheck to improve its system and penalized six other exchanges for failing to implement stringent anti-fraud measures. Two exchanges were ordered to halt operations for a month, according to Forbes.