As of today, Tokyo-based Coincheck has begun distributing reparations to users impacted by the infamous late January theft of some $530 million in NEM. With an announcement on its website today, Coincheck has begun reimbursing funds – in JPY – to the account balances of users who held NEM at the time of the theft on January 26th. The refund value will be at a fixed rate of 88.549 Japanese yen, approx. $0.83 per NEM token stolen at the time. That’s over twice the current trading value of NEM’s XEM token, at just under $0.40 at press time.
The theft of over 500 million NEM from the exchange’s hot wallet, now seen as the largest cryptocurrency hack of all time, was confirmed by Coincheck executives during a dramatic press conference on the evening of January 26th in Tokyo.
In the immediate aftermath of the attack, Coincheck promised to reimburse customers affected by the theft. The claim was repeated during a press conference last week wherein the company’s chief executive and operations chief outlined the compensation plan on a day when the exchange was slapped by a ‘business improvement order’ by Japan’s financial regulator.