Coincheck is back open for business, as it pays back over $400m to customers affected by the theft on its exchange.
Headlines were made earlier this year thanks to a high-profile theft from cryptocurrency trading platform operator Coincheck. Over £380m in digital assets were stolen by hackers at the end of January, raising significant concerns over the practices at the exchange, and the security of its customers’ funds. Legislative ramifications have been ongoing since, with Japanese authorities only last week revealing clampdowns on seven exchanges in the country, Coincheck being one of them.
Coincheck has been insistent since the theft that it would be seeking to compensate its customers for the loss of funds, and it’s now announced this morning that it has completed that task. It has reportedly spent just shy of $450m of its own money to reimburse over a quarter of a million customers who were affected.
The payout was apparently completed on Monday, and Coincheck has also resumed trading, following a month-long suspension where it re-examined its security practices and policies. There are still boxes to be ticked with Japanese regulators, but the doors are nonetheless back open for business.
Customers were compensated in NEM, which helped boost its price by some 20%, at a point where other currencies were falling.
New registrations remain on hold at Coincheck, and some features remain suspended. But some business is finally flowing through the exchange again.