Back in the game: Coincheck has started paying compensation after the hack

On March 12, representatives of the exchange published information that, indeed, they would pay compensation at the rate of 88,549 Japanese yen ($0.83) for each NEM. Let us remind you that on January 26, the exchange was hacked by hackers who withdrew 260,000 NEM for a total of $523 million.

Shortly after the hack, company representatives announced that the damage to all users will be compensated in the near future. Moreover, on March 12, the site resumed trading in some tokens, including Bitcoin.

Coincheck CEO Koichiro Wada spoke at a press conference that took place last week. He said that the site was hacked by a hacker who was in another country. He launched the virus into the exchange's internal network using e-mail.

Nikkei Asia Review published a message noting that the infection could have occurred several weeks before the hack itself. One of the law enforcement officials reported that a phishing letter from someone, allegedly an employee of the exchange, came to him at the beginning of this year. 

Until January 26 inclusive, the attackers collected private keys, and when their number reached the required level, they hacked the site’s network on January 26. Unfortunately, Coincheck does not have tools to help it detect hacker activity in advance. Otherwise, the hack would not have happened.

Since the end of January, Coincheck has constantly been at the center of events: cyber police found hackers who tried to sell stolen tokens cheaply, dissatisfied users filed lawsuits. But, nevertheless, the situation has stabilized and the exchange continues its work.