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New Lawsuit Filed Against Hacked Coincheck Crypto Exchange

New lawsuit around 82 million yen ($771,000) has been filed against Japanese cryptocurrency exchange Coincheck, who recently underwent a $530 million USD loss of the cryptocurrency NEM.

Coincheck is the remarkable cryptocurrency exchange headquartered in Tokyo, Japan. In the month of January 2018, Coincheck became the victim of the largest heist in the history of cryptocurrency. Anonymous hackers breach the security of the exchange’s hot wallet and stole NEM coins of worth $530 million.

As the result of the hack, the exchange froze withdrawals of all cryptocurrency. Later, the withdrawals and sales were resumed in the month of March 2018.

Other Proceedings Filed Against Coincheck

We already know that, lawyer Hiromu Mochizuki already filed two lawsuits against the exchange. The first involved 10 crypto traders who prosecute against Coincheck over the freezing of crypto withdrawals. The second lawsuit was involving 132 plaintiffs reports suing for 228 million yen (around $2 million) of losses.

More recently, a renowned Japanese law firm, ITJ filed a new lawsuit involving 15 plaintiffs. It has a notice about the case against the Coincheck exchange for damages on the front page of their website. Furthermore, the firm states that they will look forward to the case against Coincheck. However for the “rate card for cryptocurrencies prior to the incident minus the price that plaintiffs allow to withdraw”.

Hence, the exchange initiated offering refunds in Japanese yen to the affected customers.  On March 13, 2018, the platform credited an 88.5 yen (around 0.83 USD) to one NEM coin for the users who suffered the impact of the hack.

Coincheck damages page of ITJ, states that there are 3 essential price marks in making the decision on the refund amount:

  1. At 11:58 on 26 January Coincheck “restricted the deposit” of NEM,
  2. On January 26 at 16:37 when Coincheck temporarily suspended both crypto and fiat withdrawals.
  3. And the price when the hack was initially covers by the media.

These price points are for the users who were affecting without the knowledge on how to claim their losses.

It’s reports that CT Japan Rashinban defense counsel along with his lawful team working on fixing the issues for those affecting by the Coincheck hack. At the Tokyo District Court, the Japanese law firm Aussens also already filed 3 lawsuits. First on February 26, the second on March 14, and the third on March 28 against the Coincheck.

Following the Coincheck hack, Japan’s Financial Service Agency (FSA) has started the on-site investigation over the 15 unregistered crypto exchanges based in Japan.

What are the consequences of the hack on Coincheck Cryptocurrency Exchange? Lets us know on Twitter and Telegram.

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Oliver A

Oliver is a content marketer who is actively engaging with latest trends in the financial market. He is a writer by day ad a reader by night.

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