Coincheck to be sued by traders today for the NEM hack

Source : Coincheck to be sued by traders today for the NEM hack
After the $530 million loss due to the hack, Japanese-based had frozen all cryptocurrency withdrawals.  Ten traders have come together to file a lawsuit against the exchange at a Tokyo District Court.
had declared that they will be refunding all the customers that were affected due to the hack on 27th January 2018.
Hiromu Mochizuki, lawyer of the litigators says,
“The claim will ask to [help] all the traders to withdraw their portfolio into a wallet outside of the exchange and that a second lawsuit over damages resulting from the hack may be forthcoming.”
The Financial Services Agency of Japan has conducted an investigation of ahead the deadline given to them, i.e, 13th February 2018, to submit a report on the hack and the measures to be taken to prevent an event such as this from happening again. FSA has made it a compulsion that all the cryptocurrency exchanges in Japan should have a risk management report if at all another hack takes place.
Nagato Hatake, a cryptocurrency enthusiast from Kyoto told AMBCrypto,
“Japan has been known to be the country to adapt quickly for any technological change that takes place around the globe. The hack has definitely shaken a lot of investors and people would be skeptical to go ahead and invest”
Henry Benneth-Dean, a Market Analyst at Money Trader Bonn, says,
hack has been one of the biggest hacks in the recent times. The traders should just give them some time and everything will get resolved. The team even announced that they could track the hackers incase they had to liquidate the money”
Barath J Bhavani, a Bitcoin miner from Tamil Nadu says,
“Nothing will happen, people are not getting spooked, it’s all FUD. Yes, definitely people will be careful. It’s like saying, because a flight crashed no one will ever take flights again. I’m sure the trade volumes would have been affected for a day and then would have gone back to normal”
FSA Japan has given licenses to only 16 cryptocurrency exchanges and was not one of them. ’s revelation to refund the customers the stolen $534 Million worth also raised questions on the income earned through exchange services. Twitter rumors suggest that even though the exact nature of the lawsuit is not clear but it could potentially push to shut shop.
The post to be sued by traders today for the hack appeared first on AMBCrypto.

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