The cryptocurrency exchange based in Tokyo was hacked Friday, and about $530 million worth of NEM was stolen. Coincheck announced a reparation policy Saturday.
Two days after Coincheck was hacked, and digital currency NEM worth about $530 million was stolen, the Tokyo-based cryptocurrency exchange announced a reparation policy Saturday, which involved paying back all customers affected by the hack.
About 260,000 users of Coincheck were affected by the Friday theft, which saw the hackers make off with 523 million NEM tokens. The exchange said it would pay back those affected in Japanese yen, to be deposited in their Coincheck wallets.
The rate at which the exchange will pay back users is 88.549 yen for each token they held that was stolen. The figure was arrived at using a weighted average of trading turnover on Zaif, another cryptocurrency exchange which has the highest NEM trading volumes both in Japan and the world. The time from when Coincheck suspended new purchase and sales of NEM on its platform Friday to when it announced the reparation policy Saturday was the period for which the weighted average was calculated.
Japanese cryptocurrency exchange Coincheck suffered a massive breach that may have lost as much as $533 million. Photo: David McBee/Pexels
Coincheck didn’t say when the reparation payments will actually be deposited in customers’ wallets, saying only it was still “currently deciding” on when it will happen and the best method for doing it.
