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New 800,000$ lawsuit filed against Coinheck

News

According to reports, hacked Japanese exchange Coincheck has been hit with another class-action lawsuit for around 82m yen (around $771,000).

Coincheck experienced a hack on January 26, which led to over $530m in NEM stolen from its hot wallet storage. In the aftermath of the hack, the exchange suspended withdrawals of all cryptocurrencies, allowing sales and withdrawals of some coins to begin again in mid-March.Lawyer Hiromu Mochizuki has already filled two known lawsuits against Coincheck, the first involving ten cryptocurrency traders who sued over the suspension of cryptocurrency withdrawals.

The second lawsuit filed against Coincheck by the same lawyer involves 132 plaintiffs, suing for 228m yen (around $2m) in damages.Japanese law firm ITJ is responsible this most recent lawsuit involving 15 plaintiffs, and the firm has a notice on the front page of its website about filing for Coincheck damages.The firm affirms it will “request damages” against Coincheck for the “cryptocurrencies’ price before the hack minus the amount that plaintiffs actually could withdraw.”

On March 13, the exchange began offering refunds in Japanese yen to clients affected by the hack at the fixed rate of about 88.5 yen (around $0.83) per NEM coin. Coincheck damages page, which was published before Coincheck started allowing some withdrawals on March 13, asserts that there are three crucial price points in determining the amount to be refunded. The first at 11:58 on January 26 when Coincheck “stopped the deposit” of NEM, the price at 16:37 on January 26 when the exchange temporarily froze both cryptocurrencies and fiat currencies withdrawals, and the price when the media initially covered the hack.

Reports also have it that Japan Rashinban defense counsel also has a legal team preparing to file damages for those affected by the Coincheck hack.

Three other lawsuits have also already been filed against Coincheck by Japanese law firm Aussens, the first on February 26, the second on March 14, and the third on March 28, all at the Tokyo District Court.

After the hack, Japan’s FSA (Financial Service Agency) started on-site inspections of the country’s 15 unregistered cryptocurrency exchanges, filing business improvement notices to seven (including Coincheck) and briefly stopping activities at two more.

 

 

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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