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Japanese exchange to refund customers ?300m after huge cryptocurrency heist

A leading Japanese cryptocurrency exchange has agreed to refund customers hit by one of the world’s biggest heists.
Coincheck has promised to use its own funds to reimburse more than 46bn yen (?300m) to customers caught up in the theft on Friday.
Some 260,000 customers lost their NEM cryptocurrency coins – a digital currency similar to Bitcoin – in the ­cyber attack.
The Tokyo-based exchange suspended trading after detecting the “unauthorised action”. At a tense news conference on Friday night, Coincheck executives apologised.
“I deeply apologise to the customers we have troubled,” said Yusuke Otsuka, chief operating officer of Coincheck.
Japanese exchange to refund customers ?300m after huge cryptocurrency heist

The cyberattack highlights the vulnerabilities of cryptocurrencies

Credit:
Chris Ratcliffe/Bloomberg
The promised compensation covers nearly 90pc of the 58bn yen of NEM coins erased, Coincheck said in an update yesterday.
The hacker managed to steal 523m units of NEM, highlighting the potential risks faced by the fast-growing number of consumers trading ­cryptocurrencies.
These currencies are particularly popular among young investors in Japan, lured by the prospect of strong profits in an economy that has seen ultra-low interest rates for many years and low returns from traditional assets.
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