Coincheck, a leading Cryptocurrency Exchange based in Asia, recently announced plans to reimburse users of the platform who lost NEM coins as a result of a recent hack into their system.
Approximately 260,000 users of the Crypto exchange were affected by the breach that occurred on January 26, 2018. The losses are estimated to be around 58 Billion Yen (or $530 Million.) According to a Statement released by Coincheck, users affected by the chasm will get paid back in JPY via their Coincheck wallet. The exact time and date in which all repayments will get made are yet to be determined.
Further, the company apologized for the “immense stress” the breach caused their customers, as well as others who are involved in the Cryptocurrency industry and reiterated their commitment to enhancing the safety and security protocols surrounding their exchange platform.
At the time of this writing, the Coincheck suspended deposits other than those made in JPY to their exchange.
Other services that Coincheck provides to users of the platform include payment integrations that allow vendors to accept Bitcoin for purchases that gets changed into JPY. Additionally, the Coincheck platform helps facilitate loans and lending between users.