Coincheck Processed $372 Million of Customer Withdrawal Requests


On February 13, Japanese cryptocurrency exchange Coincheck has kept its promise to lift the temporary suspension on customers’ JPY funds by processing withdrawal transfers worth 40.1 billion JPY ($372 million) for the first time since its operators suspended all forms of withdrawals following a massive theft of 523 million NEM tokens.

In a statement on the exchange‘s website, Coincheck said:

“[W]e have restarted operations for withdrawals of JPY. As of today, we have completed transfers for all withdrawal requests made by 3 pm on the 11th of this month (around 40.1 billion JPY).”

At an informal press conference, Coincheck COO Yusuke Otsuka reportedly said that these withdrawals would only take place after the holders of stolen NEM tokens had been reimbursed. A refund date would be announced soon, he related. In addition, he told those assembled that the company is considering capital alliances with other exchanges.

In a separate development, the exchange‘s customers are reported to file a lawsuit against the exchange for the ability to withdraw their cryptocurrency holdings from the platform. The lawyer representing the group, Hiromu Mochizuki, said that they may file a second suit in a bid to claim damages over the heist.

In addition, Coincheck announced that it submitted a report to Japan’s Financial Services Agency (FSA). As the government body had requested, the document apparently describes details of the theft; the company’s security measures and the improvements that it has made to them over the past couple weeks; and other measures that it plans to adopt.

Also, as reported by local Bloomberg reporter Yuji Nakamura, Coincheck will focus on compensating losses suffered by NEM holders before resuming cryptocurrency withdrawals. More pertinently, the reporter adds Coincheck has the necessary funds to repay customers losses, with a date for compensation to be revealed soon.


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