The Japanese Coincheck Exchange offers customers $ 426 million in damages after 530 million NEM cryptocurrencies were stolen following a cyber attack, according to the Wall Street Journal.
While I have wrote just yesterday about Coincheck being hacked and concluded that the history repeats itself, it seems that there might be good news for the holders. In a press release published on the company's website, Coincheck submitted that users with NEM crypto coins would be compensated at an exchange rate of $ 0.82 per currency (no: the present value of NEM is $ 1.03 per currency, according to coinmarketcap.com).
The company has reported that it has lost 523 million NEM coins as a result of a cyber attack in the e-wallets of 260,000 users. Coincheck did not pass the date on which customers would receive the damages, but said he would finance the procedure from its own funds.
The exchange rate to which users are compensated reflects the fall in NEM's price, following Coincheck's announcement of cyber attack. Some users have criticized Coincheck's social media platforms for Facebook and Twitter, claiming that they should be compensated for the NEM's previous price or that they should receive back all NEMs, not yen or dollars, as the company announced.
I believe that the exchanges learned from their mistakes and built up deposits for covering the risk in case of cyber attacks. Of course it would have been better to prevent and stop the attack, but at least they don't go bankrupt and they cover the loses of the holders. This means that they considered the risk and hopefully they can prevent such cases in the future. Now, if they succeed in getting the cryptos back, that would be great, but nevertheless at least the end users don't suffer.