Coincheck to Pay $400M to Affected Customers

On Friday, 26th of January, $400 000 000 worth XEM was stolen from the exchange
29 January 2018   74

Representatives of the Japanese cryptocurrency exchange Coincheck published an official statement, which reports on the company's readiness to reimburse the losses of users at its own expense.

According to an official statement, Tokyo exchange will pay $400M worth refund to 260k affected users , "at the rate of 88,549 yens ($ 0.81) for each coin."

On Friday, January 26, one of the largest crypto-exchange in Japan Coincheck suspended operations with the digital currency NEM, and then with the other altcoins. Payments with bank cards and Pay Easy were also suspended. Soon on the same day, representatives of Coincheck confirmed information about the theft of 58 billion yen ($ 533 million) in the NEM (XEM) cryptocurrency.

According to Bloomberg, Coincheck management is currently coordinating the terms and mechanism for paying compensation to users.

The timing of the reimbursement and the application process are currently under consideration. The source of the refunded money is being carried out using our own capital.

Coincheck Statement

After a while there was a new information about the current situation from the NEM Foundation.

As Jeff McDonald, the organization's vice president, said, the NEM Foundation "is doing everything possible to help Coincheck, and to protect the NEM community." Also, according to him, the organization has all the necessary information about stolen funds, which is recorded in the detachment.

We also have a full account for all of Coincheck’s lost XEM on the blockchain. At this time, the hacker has not moved any of the funds to any exchange, nor to any personal accounts of NEM community members.

Jeff McDonald

Vice President, NEM

Also it is reported in the blog that is working on creating an "automated labeling system" that will be ready in the next 24-48 hours. This system will track the funds stolen from the Coincheck exchange and "tag" each account on which transactions with these coins were conducted. Representatives of NEM already advise the stock exchange on the issues of working with the new system.

UCLA Blockchain Crypto Conference to be Held in LA

The UCLA Conference will be held on February 17-18 of 2018, gathering together the most experienced and exciting thinkers
17 February 2018   231

UCLA's Blockchain Lab and Far from LA are holding the Blockchain Cryptocurrency Conference, gathering together the most experienced and exciting thinkers across SoCal, in order to foster both economic and educational progress. The conference will concern cybersecurity, cryptocurrencies, and blockchain.

The UCLA Conference will be held on February 17-18 of 2018.

Location: The University of California, Humanities Building, 415 Portola Plaza, UCLA 90095, Los Angeles

The headline speakers will include Kathleen Breitman, the co-founder of Tezos; Sandra Ro from UWIN Lab; David Moss from EOS; Jeremy Rubin, the Bitcoin core developer, and many more.

The agenda of the conference is as follows: the future of blockchain keynote, bringing humanity to the blockchain, cybersecurity, autonomous vehicles, blockchain's influence on the development of art and culture, blockchain in the music industry, government adoption of blockchain around the world, and more.