Coincheck announces the refund procedure

Initial compensation plan holds up with the amount of ¥88 per NEM token
12 March 2018   85

Today on March 12 Coincheck starts to pay compensations to those who lost funds in the hack of January, 26. According to the blog post the japanese exchange will keep the initial refund rate at 88.549 JPY : 1 NEM directly into the customers' accounts. It should be noted that the plan also considers the overall compensation volume of $420 mln.

Along with the reimbursement process, the exchange relaunches the withdrawal function and the trade of the following cryptocurrencies: ETH, ETC. XRP. LTC, BCH and BTC. As for the other assets, it will a longer time to resume the respective services. The update comes after the press conference where it was announced that the compensation would start this week.

Simultaneously, Nikkei Asia Review acquired new details of the events that were precursor to the hack. These details shed light to the origins of the heist. According to the article, the attackers sent emails with a malware to Coincheck's employee in early January. After the sender's address was clicked, the computer was infected with a virus that allowed an outside operation. With this ability, hackers collected private keys to large amounts of NEM.

Japanese regulator FSA requested Coincheck to submit a written plan on system and its security improvements by March, 22.

NEM Foundation to Stop Stolen Coincheck Coins Tracking

Organization said it had provided law-enforcement agencies with information from its investigations
22 March 2018   222 Foundation, said it stops tracking the funds stolen from the Japanese exchange Coincheck. This is reported by Bitcoin. com

More than 500 million XEM were stolen from Coincheck in January this year. Soon after that, the developers of cryptocurrency provided a solution that allowed to assign the appropriate label to the stolen digital coins to track their further movements. Foundation announced that the information it gathered is sufficient to enable law enforcement agencies to move to more decisive action. The organization refused to explain why it decided to stop conducting its own investigation.

According to the information published in the Japan Times, most of the stolen XEM could already be laundered and, therefore, forever lost for investigation. The withdrawal of funds to other crypto-currencies and fiat takes place through a website in a darkweb, which, according to the information of the technical director of Japan Digital Design, Masanori Kusunoki, is still functioning.

Kasanori argues that it is becoming more difficult to find the stolen Crypto currency. Previously, the Foundation reported that the cybercriminals did not attempt to sell the stolen crypto currency.