Coinrail Exchange Resumes Operating and Repairs Stolen Funds

July 18, 2018

South Korea-based crypto exchange Coinrail that fell victim of hacking in the middle of last month declared to resume its functioning.

Remember that the platform was hacked on June 10. As a result, tokens of 11 cryptocurrencies were hijacked with total amount of losses making around 45 billion won. The same day the exchange announced it suspended works with the view to elaborate options for recouping stolen coins.

About a month after the incident, last Sunday, July 15, Coinrail restarted working and published a message that it had completely updated security system of the platform. As for the details of the hack, Sedaily publication states, they are kept secret so far.

Coinrail has provided a list of the stolen digital currencies, which includes Dent (DENT), Tradove b2bcoin (BBC), Jibrel Network (JNT), Kyber Network (KNC), Storm (STORM), Tron (TRX), Pundi X (NPXS), Aston (ATX), Nper (NPER), as well as Ethereum (ETH) and Bitcoin (BTC).

The exchange members have claimed, all funds in DENT, BBC and ETH have been completely restored and now they are recovering JNT tokens.

They suggested two options for handling problems with other cryptocurrencies, but both faced harsh criticism from the users.

The first plan was that the exchange itself would recoup all losses to its users. Namely, Coinrail may buy out cryptocurrency and offer them to the suffered by spending funds gained from the service operation.

The second one implied that Coinrail may compensate losses in its own crypto tokens RAIL with 0.72 won per coin. Note that soon after this announcement the RAIL rate plunged by 72%.

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