Coincheck announces in just two days that it will return to more than 260,000 affected users the almost 530,000 XEM taken illegally on January 26 of its platform.
All affected users will be reimbursed in JPY through the Coincheck Wallet calculation method: Using the XEM / JPY (NEM / JPY) rates in the Zaif cryptocurrency exchange (operated by Tech bureau Corp.) currently, the exchange with the greater volume of negotiation of NEM both nationally and internationally.
Returns will be calculated using the weighted average of billing during a given period. The weighted average price was obtained using prices during the period that begins with the suspension of new purchases and sales of NEM on the Coincheck platform and ends with the publication of this notice. All returns will be made in JPY.
Returns will be valued at JPY 88,549 x amount of coins retained.
Currently, Coincheck is deciding which is the best method to request returns and the period in which they will be made. The principal used for the returns will be derived from the company’s funds.
Finally the company quotes:
“We realize that this illicit transfer of funds from our platform and the resulting suspension in services has caused immense distress to our customers, other exchanges, and people throughout the cryptocurrency industry, and we would like to offer our deepest and humblest apologies to all of those involved. In moving towards reopening our services, we are putting all of our efforts towards discovering the cause of the illicit transfer and overhauling and strengthening our security measures while simultaneously continuing in our efforts to register with the Financial Services Agency as a Virtual Currency Exchange Service Provider.”
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