Coincheck To Refund Stolen Money

The hacked Japanese crypto exchange Coincheck has confirmed its intention to refund the stolen money to the affected 260,000 users, the NEM.io Foundation said in its blog post.

The refunds will be done using the exchange’s own capital, it added.

Coincheck was hacked and had 526 million XEM (at that time – c. USD 400 m) stolen on Friday morning, as reported by Cryptonews.com.

Meanwhile, NEM is currently reaching out to exchanges and exploring three different options, the Foundation said without specifying.

“It is in the community’s best interest to not publicly discuss the full detail our actions considering the security needed around our solution,” the post reads.

According to NEM, at this time, the hacker has not moved any of the funds to any exchange, nor to any personal accounts of NEM community members.

“NEM is creating an automated tagging system that will be ready in 24–48 hours. This automated system will follow the money and tag any account that receives tainted money. NEM has already shown exchanges how to check if an account has been tagged. So the good news is that the money that was hacked via exchanges can’t leave,” the Foundation said.