132 Customers Filed A Lawsuit Against Coincheck Exchange

Coincheck Sued by 132 Customers

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  • 132 customers filed a lawsuit against Coincheck Exchange seeking quick restitution of their fund
  • 7 investors had earlier filed a class action suit seeking for annualized interest of 5%

Japan: The Tokyo-based Coincheck Exchange, which suffered a theft of roughly $530M in loss of the NEM cryptocurrency on Jan. 26 – a hacked which was termed ‘The Biggest Exchange Theft in History’, is currently facing a class action lawsuit. The exchange detailed how it would repay its 260,000 customers back at 81 US cents per token. More so, Cryptona.co reported on Coincheck submitting its refund plan to the Japanese Financial Services Agency (FSA). However, this seems to be taking too long as report from local Japanese news outlets this week revealed that 132 customers of Coincheck exchange have teamed together seeking refund of 228 million yen ($2M).

Also read: US’s Main Commodities Regulator Allows Workers To Trade Digital Tokens

According to Reuters, On Feb. 15 a team of seven investors filed a class action lawsuit requesting “Coincheck to pay annualized interest of 5% on the value of the digital coins from notification of the claim.”

According to Sankei, now 132 customers also filed a new lawsuit on the 27 requesting a quick restitution due to the fact that they cannot make withdrawals of their funds at this time. The class action suit is asking for a mix of 13 types of cryptocurrencies and a portion of Japanese yen.

One of the plaintiff in her twenties explained the lawsuit as:

“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.”

However, a spokesperson for Coincheck Exchange responded to questions about the lawsuit by stating:

“We have not responded to the presence or absence of a trial or content.”

The official restitution plans sent to the FSA are still uncertain, but recently it was reported that Coincheck Exchange was considering a ‘capital tie-up.’ Jiji Press, a local news outlet said a person familiar with the matter told them that “several possible partners, including an investment fund” has emerged.

What do you think about Coincheck being sued by 132 customers? Let us know your thoughts on this story in the comment box below.


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