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Japan Cryptocurrency Exchange Coincheck starts refunds for $530m hack

The cryptocurrency exchange that fell to a hack of about $534 million in January this year has now started reimbursing the affected customers that lost fund in the hack.

In its blog post, Coincheck said that it will refund users as per its original compensation plan at the rate of 88.549JPY ($0.83) per NEM stolen and that to qualify for reparations, users must have held that amount of NEM on their platform at 23:59:59 JST on 26 January, 2018.

The total amount reimbursed will equal to about $420 million.

After the hack, Coincheck had imposed restrictions on trading and withdrawal of some cryptocurrencies on the exchange. The company is now going to lift some of these restrictions to allow for withdrawals and sales, according to another blog post.

It also said that it is working on evaluating the risks associated with each currency and will “confirm the technical security of our systems regarding these currencies in order to resume normal operations.”

The exchange also plans to resume deposits and purchases of all currencies, and open for new registrations once security and management systems have been updated.

“Once again, we would like to apologize for the inconveniences that the illicit transfer of NEM from out platform and the resulting suspension in services has caused our customers and anyone else affected by this incident. Thank you for your patience,” the company said in its blog post.