Another Lawsuit Filed Against Coincheck

Japanese law firm ITJ filed a $800 000 worth lawsuit against hacked japanese exchange
02 April 2018   1116

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.

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period
08 August 2019   258

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41
Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times
APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.