Coincheck Hack Did Hackers’ Victims Good Turn
March 10, 2018
Volatility of crypto market often results in curious situations. Another case occurred to the victims of the Japanese crypto exchange Coincheck hacking. Reimbursement of the funds stolen is to be done by the old NEM rate which has sank dramatically since.
Remember, late January hackers hijacked Coincheck and thieved NEM tokens to the tune of $534 mln. The hack turned to be the largest one ever in crypto world. The number of investors affected amounts to 260 000. The exchange board promised the users to recoup all stolen funds in Japanese yen.
This means that the victims will stand to gain from the incident financially. The point is that recovering of funds is to occur by the NEM rate on the moment of hijacking when the cryptocurrency cost $0.84. Today it is $0.33 as it fell together with the whole market during February and the first week of March. So the Coincheck hack victims have turned to profit twice more than they would if their NEM tokens remained on their accounts.
It is to be noted that the recoupment is to start next week and will be at the company’s expense. the exchange is also reported to resume functioning to some extent in some time to come.