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The Wall Street Journal: Japanese cryptocurrency exchange Coincheck to repay customers after losing millions to hackers

TOKYO — Japanese exchange Coincheck Inc. said Sunday it would spend up to ¥46.3 billion ($426 million) to pay back customers after it was hacked and lost cryptocurrency worth some $530 million two days earlier.

In a release on its website, Coincheck said customers holding the cryptocurrency NEM would be paid back in Japanese yen at a rate of 88.549 yen per NEM. The company said it lost 523 million NEM after the cyberattack, meaning the payments would amount to ¥46.3 billion. It said about 260,000 customers hold NEM.

Coincheck didn’t say when customers would get the yen. It said it would use its own funds for the payments, but didn’t say whether it had that much yen cash on hand.

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