Japan Bitcoin Exchange Coincheck will repay Stolen Funds

It was reported on Friday that Coincheck, a Japanese Bitcoin exchange suspended all withdrawals after a massive hack that shocked the market.

 

Full Story: – Bitcoin chaos in Japan as CoinCheck freezes all withdrawals

 

It was reported in the Guardian today that the Coincheck cryptocurrency exchange will refund customers about $400m (£282m) stolen by hackers two days ago in one of the biggest thefts of digital funds. Coincheck affirmed that it would use its cash holdings to reimburse 260,000 people for the value of 46.3bn yen who lost their holdings of NEM, the world’s 10th-biggest cryptocurrency by market capitalisation.

 

This is good news for a market ridden with bad news of late.  Full story: –  Japan – Cryptocurrency Exchanged CoinCheck refund stolen NEM

 

 

 

 

This story is yet another affirmation that customers should not leave large amounts of funds in centralised exchanges where they don’t have control of the private keys.

 

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