Getting Robbed May Save These Crypto Traders $262 Million

(Bloomberg) -- For victims of the $500 million heist at Japanese cryptocurrency exchange Coincheck Inc., getting robbed may have been a blessing in disguise.

The 260,000 traders who lost money in the theft will be reimbursed by Coincheck at a rate of about 88 yen (84 U.S. cents) for each NEM coin that was stolen from their accounts, Chief Operating Officer Yusuke Otsuka said on Thursday, bringing the total payout to about $440 million.

That’s $262 million higher than the current market value of the stolen coins, which have slumped since the theft in January amid a broad retreat in cryptocurrencies. Coincheck said it’s using company funds to reimburse victims and will start the payouts as soon as next week. The exchange may also resume some operations next week.

To contact the reporter on this story: Yuji Nakamura in Tokyo at ynakamura56@bloomberg.net.

To contact the editors responsible for this story: Robert Fenner at rfenner@bloomberg.net, Michael Patterson

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