Coincheck Prepared for Compensations and Relaunch of Operations

The recently hacked Japanese cryptocurrency exchange platform, Coincheck, will be ready to compensate their clients who lost assets during the hack last January. This was according to an announcement released by  the company including the news of resuming their operations. A few days prior to this announcement, the Japanese Financial Services Agency (FSA) had sent “punishment notices” to some cryptocurrency exchanges within the country.
The hack which took place last January 26 had resulted into a staggering loss of 58 bilion yen and affected around 260,000 customers, causing the suspension of all services which the company offered.  Now, Coincheck will be giving back 80% of the total amount lost to all affected individuals.
The attack has raised an alarm amongst Japanese authorities. This prompted sixteen cryptocurrency exchanges to create a self-regulatory body which will start operating this April. Their goal is to establish a much better framework for crypto operations and to add security for the investors. Alongside this action is FSA’s heightened alert in controlling cryptocurrency exchanges by generating onsite inspections for the majority of them.
Upon the impending relaunch of Coincheck, they will be following all the regulatory requirements (KYC and AML policies).

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