Coincheck to repay users who lost money in US$400m hack

Tokyo

JAPANESE cryptocurrency exchange Coincheck Inc said it will use its own capital to reimburse customers who lost money in Friday's US$400 million theft. The Tokyo-based company will repay all 260,000 users impacted by the theft of NEM coins, at a rate of 88.549 yen (S$1.1) for each coin, according to a statement posted on its website after midnight local time on Sunday.

A total of 523 million coins were stolen, it said. "The timing of the reimbursement and the application process are currently under consideration," Coincheck said in the statement. "The source of the refunded money is being carried out using our own capital."