Coincheck, which is a victim of a recent a cyber-attack, plans to reimburse its clients who lost their cryptos from the exchange. As of publishing this, the XEM tokens are exchanging at approximately $0.89 which is an improvement. The XEM tokens prices took a dip in the wake of Coincheck’s hack. The announcement of reimbursing lost XEM tokens is sparking excitement amongst Coincheck’s clients.
Concerns over Coincheck’s ability to reimburse lost XEM
Coincheck is using the weighted average turnover rate to calculate the rate of reimbursing lost XEM tokens. The calculation starts on the date Coincheck suspended the sale of NEM on its platform to the day they made the reimbursement announcement. The dates are; 26th January 2018 12:09 JST to 27th January 2018 23:00 JST. Coincheck has used Zaif’s XEM/JPY pairing to calculate the weighted turnover. The current XEM exchange rate is $0.89; this means that the 260,000 Coincheck clients will suffer a 9% loss after reimbursement. While the announcement to repay the lost XEM has been positively received, the exact reimbursement date has not been made public. Additionally, Japan’s Financial Services Agency (FSA) has expressed its concern over Coincheck’s ability to refund all the stolen XEM.
Coincheck announces reparations policy
On January 26th, Coincheck, a leading Japanese exchange lost a total of $523 XEM through an illicit transfer of cryptos. The exchange has plans to repay all its affected clients (260,000) via the Coincheck wallet. Sources confirm that the exchange will be compensating the hacking victims at a rate of 88.549 Japanese Yen per XEM token, this is approximately $0.81.
Coincheck has assured stakeholders that it intends to implement and enact meaningful changes to its platform. The move to increase the security of Coincheck’s infrastructure and platform is in line with the order the exchange received from FSA. The FSA expects Coincheck to carry out an investigation on the hack and provide a detailed report. The report should be ready by February 13th. The FSA also expects Coincheck to offer better client support to its stakeholders while strengthening its security protocols