Coincheck to Reimburse Customers $400 Million Stolen by Hackers

Bitcoin hits $9,000 high


The Japanese electronic trading platform Coincheck announced Sunday that it would reimburse its customers about $ 400 million after hackers have stolen several hundred million dollars worth of cryptocurrencies.
The company said it would tap into its own funds to pay around 46.3 billion yen to its 260,000 customers who lost their holdings of NEM, the 10th largest cryptocurrency by market capitalization.

On Friday, Coincheck detected “unauthorized access” to its servers before suspending deposits and withdrawals for its customers in all assets, with the exception of bitcoin.

The losses, totaling 58 billion yen, exceed the amount that had disappeared from the coffers of the MtGox trading platform, whose resounding bankruptcy in 2014 shook the crypto world. 

About one-third of bitcoin transactions in December 2017 were in yen, according to the specialized website
At least 10,000 Japanese companies are likely to accept bitcoins and bitFlyer, today Japan’s leading bitcoin trading platform has surpassed a million users in November.

The virtual currency is now far from its peak at the end of December, when it had approached $ 20,000, after having seen its value multiplied by 25 during the year 2017, before being affected by the fears of regulation.

Bitcoin traded Sunday around 11,650 dollars.

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Shakes Gilles

Editor of The Talking Democrat. He enjoys bike riding, kayaking and playing soccer. On a slow weekend, you'll find him with a book by the lake.