Hacked Korean exchange Coinrail announced a plan of restructuring of the business aimed at the resumption of the trading platform next month.
Coinrail said the burglary on June 10, the damage to date is estimated at 45 billion won (~ $41 million). The exchange on its web site said that 70% of the total number of coins were moved to safe cold storage. In addition, “approximately 80% of the coins leak which was confirmed, was frozen, withdrawn, canceled or withdrawn from circulation, while the rest is at the stage of investigation,” said the company. The exchange also confirmed that among the stolen tokens — NPXS, DENT, BBC, ATX, JNT and NPER.
“Coinrail will resume service until July 15, if it is determined that you’re ready to continue to provide services. We constantly develop a series of measures for the return of the compromised coins and report the progress in this regard at the end of June,” — said in a statement.
However, users notice that representatives of the exchange did not say anything specific on the compensation of victims of hacking. It was reported that a week before the alleged hack, the exchange is deleted from the user agreement item of compensation. This has raised suspicions that Coinrail trying to avoid responsibility for the damage.
The company explained that the terms of the standard contract reviewed because of a disagreement with the regulator.
“We are working to strengthen the responsibility of the company in accordance with the policy of the government regarding the renegotiation of the contract,” said Coinrail.
In April, the Commission on fair trade (FTC) of Korea ordered 12 of cryptocurrency exchanges to revise their contracts to join, finding in them a total of 14 unfair terms. The largest exchange has made the prescribed controller change, while Coinrail removed relating to these terms of service points.