More problems arise for the Japanese based exchange Coincheck after a hack that brought operations to a halt just a few days ago, when 550 million worth of NEM (an altcoin) was robbed in the greatest hack recently denounced. The users filed the suit in Tokyo, claiming that the actions the exchange took, given the volatility of the cryptocurrency market, damaged their holdings. Coincheck has reimbursed all users affected by the hack while investigations progress, but this is another aspect of the hack that can’t be overviewed.
Till now, the standard procedure of all exchanges was to suspend operations until the platform is checked and secured again, but this lawsuit might change that in the long run. Coincheck blocked all operations with most alt-coins after the hack, freezing accounts even of coins that were not involved in the hack.
The way Coincheck will handle things will be interesting because it will set a precedent in matters of this kind. And if more users join the lawsuit, it would mean trouble for the already troubled exchange.
If every user gets to be reimbursed for losses, with a market that can go up or down by 20% daily, it would be disastrous for exchanges. They would have to take security far more serious that they take it now. But in the end, the users will feel safer knowing that.