![]() ![]() At this time, the hacker has not moved any of the funds to any exchange, nor to any personal accounts of NEM community members.” “We also have a full account for all of Coincheck’s lost NEM cryptocurrency (XEM) on the blockchain. “We are currently reaching out to exchanges and exploring three different options,” McDonald said. The NEM.io Foundation‘s vice president Jeff McDonald said in a statement on Sunday that the organization was “working on solutions to do the most we can to help Coincheck and also ensure the NEM community is protected.” ![]() Tracking the stolen funds NEM.io Foundation vice president Jeff McDonald interview with Inside NEM, Youtube No date has been set yet for the payments or for a restart of trading on the platform, Coincheck’s chief operating officer Yusuke Otsuka told reporters. According to the announcement, the refund will be done using the company’s own capital. Coincheck halted withdrawals and trading in all cryptocurrencies on Friday, except bitcoin, and said in a statement that it would return the stolen money to the roughly 260,000 affected users. The theft is said to be the biggest-ever losses of cryptocurrency to hackers. The regulator will issue a business improvement order to Coincheck later on Monday and order the company to strengthen its safeguards to prevent a recurrence, Japan’s chief cabinet secretary Yoshihide Suga told a regular news conference. The FSA suspects that a lack of proper security measures allowed hackers to steal a record haul of cryptocurrency on Friday, according to a report by Nikkei Asian Review. On Twitter, Facebook, Google News, and Instagram.Japan’s Financial Services Agency (FSA) plans to take administrative actions against hacked cryptocurrency exchange Coincheck after the company announced the loss of 523 million units of NEM cryptocurrency (about US$530 million) from a hack. Rival tokens also slipped, with Ripple, Ether and Litecoin declining at least 1 percent.įollow HT Tech for the latest tech news and reviews, also keep up with us They have since climbed back above $10,000. Coincheck said it would still move forward with its application to secure a license.īitcoin slipped to a low of $9,523 on Thursday in Tokyo, extending overnight losses, according to prices compiled by Bloomberg. The FSA has come under fire for allowing 16 exchanges, including Coincheck, to operate while they await a decision on their applications under a revised licensing system introduced last year. Otsuka said Coincheck will comply with the order. The government watchdog told Coincheck to revise its management structure, improve anti-money laundering procedures and submit a report by March 22. Still, with NEM trading at such a steep discount since the January attack, that means the hackers now own a stash worth considerably less than what the victims stand to receive in compensation.Įarlier on Thursday, the Financial Services Agency ordered Coincheck to make further improvements and penalized six other exchanges. NEM prices rose as much as 7 percent after the exchange said it will start compensating users. Since the theft, NEM prices have plummeted and were trading at about 30 cents before Coincheck's announcement on Thursday. ![]() Koichiro Wada, chief executive officer, said the exchange made enough money from spread trading to fund the payback, which amounts to 88.549 yen for each of the 523 million stolen NEM coins. Two days after the hack, Coincheck announced it would use company funds to reimburse all of those who lost money in the theft. Customers have withdrawn about 60 billion yen ($566 million) in cash since the incident, he said. Yusuke Otsuka, Coincheck's chief operating officer, told reporters that the exchange has bolstered its security measures and is working to compensate users. Read more about how $500 Million in digital currency might be laundered. ![]()
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