This week local Japanese news outlets report that the exchange Coincheck, who suffered from a $530Mn USD loss of the cryptocurrency NEM, is facing a class action lawsuit. Reports detail that 132 Coincheck customers have banded together asking for a refund of 228 million yen ($2Mn).
Coincheck Faces Another Class Action Lawsuit
132 investors have filed a lawsuit against Coincheck with the Tokyo District Court on February 27 according to the regional publication Sankei. Coincheck was hacked on January 26 for roughly $530Mn worth of digital assets. The exchange detailed it was making arrangements to pay the 260,000 customers back at 81 U.S. cents per token. Additionally, news.Bitcoin.com reported on the trading platform submitting its refund plan to the Japanese Financial Services Agency (FSA).
On February 15 a group of seven investors filed a class action suit asking “Coincheck pay annualized interest of 5 percent on the value of the digital coins from notification of the claim,” according to Reuters.
Class Action Plaintiff: ‘At the Very Least We Would Like to Sell and Withdraw’
Now 132 customers filed a new lawsuit yesterday seeking a quick restitution due to the fact they cannot withdraw their funds at this time, explains the Sankei report. The class action suit is asking for a mix of 13 types of cryptocurrencies and a portion of Japanese yen.
“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,” a plaintiff in her twenties explained the lawsuit to a group of reporters that day.
A Coincheck spokesperson 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 the platform was considering a ‘capital tie-up.’ The local news outlet Jiji Press 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 investors? Let us know your thoughts on this story in the comments below.
Images via Pixabay, Associated Press, and the Nikkei Asian Review
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Author: Jamie Redman