Another Lawsuit Filed Against Coincheck

Japanese law firm ITJ filed a $800 000 worth lawsuit against hacked japanese exchange
02 April 2018   444

New lawsuit against hacked japanese cryptocurrency exchange is on the way. Now it's almost $800 000 worth ( 82M yen).

As you may remenber, Coincheck was hacked on 26th of January and over $530M in NEM tokens were stoln. The exchange froze withdrawals of all cryptocurrencies as the result of the hack. Certain coins withdrawals and sales were resumed only in the middle of March.

There are two known lawsuits filed against Coincheck. First one involves 10 traders who sued over the freezing of crypto withdrawals, and the second lawsuit filed by the same lawyer involves 132 plaintiffs, reportedly suing for 228 mln yen (around $2 mln) in damages.

Now, new third lawsuit is filed by the Japanese law firm ITJ. It involves 15 plaintiffs. The firm states that they will “request damages” against Coincheck for the “cryptocurrencies’ price before the incident minus the price that plaintiffs actually could withdraw.”

On March 13, Coincheck started refund offering to affected customers with fixed rate around $0.83 for one NEM.

ITJ’s Coincheck damages page, states that there are three important price points in deciding the amount to be refunded:

  1. at 11:58 on Jan. 26 when Coincheck “restricted the deposit” of NEM,
  2. the price at 16:37 on Jan. 26 when Coincheck temporarily suspended both crypto and fiat withdrawals,
  3. and the price when the hack was initially covered by the media.

These price points are for plaintiffs who were at one point unable to withdraw their holdings to figure out how to claim their losses based on the prices at the time they were actually able to withdraw.

Line to Launch Bibox Exchange in Singapore

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem
16 July 2018   156

One of the most popular messengers in Asia Line has launched a Bitbox exchange in Singapore. Trading on the platform started this morning and is limited to pairs with crypto-currencies, Cryptovest reports.

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem.

BITBOX is only for trading cryptocurrencies (Digital Tokens). Fiat currencies (USD, KRW, etc.) cannot be exchanged on BITBOX.

Bitbox Website

Bitbox charges a 0.1% commission and supports 15 languages, including English, Korean, Chinese, Spanish, French and German. In Russia, the US, Japan and some other countries, the exchange is not available.

At the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency, but the process dragged on because of tightening of the regulator's requirements in the light Coincheck exchange hack. All crypto exchange, wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.

Currently, Line is also in the process of obtaining a license in the US. The company decided to open its first trading platform for crypto-currencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.

With cryptocurrency, we are going to take our challenge in financial services global.

Takeshi Idezawa

CEO, Line

In May, Line Group denied rumors that it intends to release its own token and distribute it through the ICO. Every month Line is used by about 200 million people. The messenger is extremely popular in Japan, South Korea and Thailand.