Coincheck Starts Refunding Customers’ NEM

Japanese cryptocurrency exchange Coincheck Inc. started making refunds in yen from March 12 (JST) to users who had NEM deposits when the exchange was hacked and lost a significant amount of the NEM cryptocurrency.

Refunds started on March 12.

Refund amounts are calculated as 88.549 ($0.83) multiplied by the amount of NEM held as of 11:59:59 p.m. on January 26, 2018 (JST).

Customers who held NEM as of the same time were eligible for refunds.

Refunds are made in yen from a Coincheck account.

Coincheck had halted cryptocurrency transactions, but resumed withdrawals and sales for certain cryptocurrencies from March 12.

The transactions resumed from March 12.

The resumed transactions included withdrawals and sales but not deposits or purchases.

Withdrawal services resumed for Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) and Bitcoin (BTC).

Sales of the same cryptocurrencies also resumed, with the exception of BTC, for which sales services had not been halted.

NEM’s price has risen since March 8, when Coincheck representatives told a media conference that it would refund customers. As of 7 p.m. on March 12, the price has risen by 11.51% on the back of Coincheck’s announcement.

At the media conference announcing its planned resumption of operations and refunds, Coincheck explained the cause of the NEM hack and showed its efforts toward a full resumption of services and improvements needed to register with the Financial Services Agency. Coincheck told the conference it hoped to support withdrawals of some cryptocurrencies other than NEM if it could confirm the safety of doing so. Before being hacked, Coincheck handled cryptocurrencies such as Z Cash, Dash and Lisk, but has not resumed trading in these. Coincheck is apparently in discussion with the National Tax Agency about tax issues arising from making refunds in yen. It will not cover losses due to the decreased prices of cryptocurrencies other than NEM.

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