Coincheck announces refunds begin next week

Japanese cryptocurrency exchange Coincheck announced that it plans to allow users to withdraw local currency from their accounts next Tuesday.

This comes after a hack on Jan. 26, which caused an abrupt service shutdown. Coincheck then called a press conference at which it conceded that 500 million NEM tokens (worth around $533 million at the time) had been taken from its digital wallets by an intruder.

In a notice posted today, the company said (via unofficial translation):

“Currently, assets of customers’ Japanese yen are managed safely in a financial institution. We will resume withdrawals beginning February 13, 2018.”

Customers have had funds stuck on the exchange since it confirmed it suffered what was likely the biggest hack in the history of cryptocurrency.

Japan’s financial watchdog, the Financial Services Agency (FSA), said at the time that, “Inappropriate management of system risks had become the norm at Coincheck.”

Author: Sara Bauer



Leave a Reply

Your email address will not be published. Required fields are marked *