EXCHANGES
Coincheck Victims to Form Support Group

2018-02-02 18:44:52
by Saffron Weale
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Coincheck Victims to Form Support Group

Coincheck account holders who lost funds in last week\'s $530m hacking heist are forming a group, in order to negotiate with the exchange for reimbursement. A customer of the stricken cryptocurrency exchange, who has a Twitter following of 800, tweeted out a call on January 31st for other affected users to join. A preliminary meeting will be held in Tokyo tomorrow, February 3rd, to discuss details.

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A few dozen Coincheck users are expected to become the group\'s founding members, who will meet to share information between themselves, as well as negotiating with the exchange for a rapid resumption of withdrawal facilities, currently suspended.

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Some 260,000 customers are believed to have lost cryptocurrency deposits in the hack, but the suspension of withdrawals only exacerbates the problem and adds to the total of affected users. Coincheck has said it will compensate the holders of NEM (the main currency to be stolen) in the amount of JP¥46.3bn ($425m), but customers are concerned that current exchange rates have significantly reduced the value, and that no details of the promised compensation have yet been announced.

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Japanese police are expected to conduct an investigation of the heist, and a group of Japanese lawyers are also going to establish a defence counsel for Coincheck victims. A lawsuit will be filed in Tokyo\'s District Court to demand reimbursement.

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