Coincheck Gets Sued Again; 132 Customers Seek Restitution

Bad news for the Japanese based exchange Coincheck. Today, it was reported that 132 clients had filed a class action lawsuit for restitution of damages.
The history goes back to the NEM hack that the company faced last year, when the company lost about 530 million dollars. The company had to reimburse their clients for the losses. But now, customers are suing due to losses during the blockade of all accounts at the time of the hack.
Due to the volatility of the cryptocurrency market, the standard procedure of blocking operations when a hack occurs, caused that clients couldn’t withdraw or trade their funds at the time; having to cope with losses derived from the market movements.
“At the very least we would like to sell the virtual currency and withdraw it in Japanese yen, but even that will not make it even, we complain because of our distrust of Coincheck,” a suitor declared. Whatever it happens, this lawsuit will set a precedent in hack management procedures for exchanges.

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