February 19, 2018

UAE- Hacked Tokyo cryptocurrency exchange to repay owners $425 million

31 January 2018, 01:26 | Christie Tate

Japanese crypto exchange Coincheck to refund $526 million after cyber heist

Japanese crypto exchange set to repay victims of a $400 million hack

Japan-based virtual currency, assured refunding of about USD 400 million to customers after hackers stole hundreds of millions of dollars worth of digital assets.

This amounts to nearly 90 percent of the 58 billion yen worth of NEM coins the company lost from its roughly 260,000 customers. It has been operating under FSA rules while waiting for a decision.

Members of a Japanese girl pop group, the Virtual Currency Girls, said on Monday they had refused an offer to be paid in yen and would stay loyal to cryptocurrencies despite a $530 million (€428 million ) cyber heist jeopardising their chances of getting paid. It also plans to conduct hearings on the matter.

Police were yet to make it clear whether the incident was an attack targeted at the trader's holdings of bitcoin, or whether it was a speculative raid. How has the disappearance impacted cryptocurrency trading markets?

One reason why cryptocurrency markets have recovered quickly is due to Coincheck's prompt response.

The scandal has triggered an immediate public backlash.

The admission late this evening followed mounting speculation after Coincheck suddenly and unexpectedly suspended services. From our last news about the attack, the theft pointed out some vulnerabilities in trading an asset that global authorities are trying to get hold of.

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Currently, CoinCheck is in the process of figuring out if the hack took place from Japan itself or not and where did the stolen funds be transferred to.

Cryptocoins can be stored in what's called a hot wallet, meaning that the cryptographic secrets needed to spend them are trusted to an exchange like Coincheck, making those coins easier to use, or a cold wallet, where you keep the coins offline.

Yusuke Otsuka, a Coincheck director, told reporters Sunday that the company had no clear idea when the exchange would be able to resume operations or when it could reimburse customers.

"The timing of the reimbursement and the application process are now under consideration", the company said. Coincheck subsequently restricted deposits and withdrawals of most currencies pending investigation and resolution of the problems.

"While examining the cause of the incident and taking necessary measures, we want the ministries and agencies concerned to urgently study what further measures we'd need", the top government spokesman said. There were two. The exchange did not implement NEM's multi-signature feature, which requires multiple sign-offs before funds are released.

The exchange promised to use cash from its own funds to pay out ¥46.3 billion ($426 million) toward covering its users' losses.

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