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   1469

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.

Caspian to Launch Crypto Derivatives Trading

Caspian does not charge commissions for depositing and withdrawing funds and provides leverage up to 100x
21 March 2019   83

Caspian, an asset-oriented asset management platform, has launched cryptocurrency derivatives trading.

Thanks to integration with Deribit, Caspian customers gained access to trading in futures and options for Bitcoin and Ethereum. Also, the platform will provide the opportunity to trade indefinite bitcoin-swap.

According to Caspian, the platform does not charge commissions for depositing and withdrawing funds and provides leverage up to 100x.

We are excited to be working with Deribit to make the trading of crypto options and futures possible within the institutional community. Our goal at Caspian is to provide crypto traders and investors the same standard of tools and service that exist in the traditional markets and its great knowing that the team at Deribit is working towards the same high standards.

Robert Dykes

CEO, Caspian

Caspian noted that their platform connects to Deribit via an API that supports “large trading volumes with extremely low latency”. The platform also has full access to the book of orders of the crypto-derivative stock exchange.