The Lawsuit Plaguing Coincheck Just Got a Lot Worse

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Things are not looking good for the Coincheck exchange. After suffering from a massive hack, the company now deals with multiple lawsuits. Things only continue to grow worse in this regard. The latest lawsuit is a joint effort by 132 customers of the Coincheck exchange.

It has been a very rough start to 2018 for Coincheck. Things went from bad to worse when the company announced someone hacked their backend. With over $400m in losses, the company had to make a tough call. Thankfully, all investors have been reimbursed – or will be – by the company’s own funds. That doesn’t mean all of the problems are resolved, though. In fact, a growing number of users are dismayed over how the company handles things post-hack.

Another Major Setback for Coincheck

As such, there are now several lawsuits against the company as we speak. The latest lawsuit was filed yesterday afternoon. A total of 132 platform users aims to request more money from Coincheck following the hacking incident. Considering how this is another big problem for the company to deal with, it will be interesting to see how they deal with the new setback. All of the users have not been able to access their cryptocurrencies since the hack. It seems to be a continuation of the previous lawsuit, which was filed a while ago.

With all currencies unavailable for withdrawal, users are not too happy. Since all markets crashed hard since the incident, people have lost good money. As such, they aim to recover this from the company holding their funds hostage. Being able to sell the currency and withdrawing in JPY is also impossible right now. This causes a lot of friction between the exchange and its users. It will be interesting to see what this lawsuit will bring to the table.

It is a very worrisome situation for Concheck, for obvious reasons. The company has to deal with so many problems as of right now, it’s impossible to keep track of everything. At this rate, they will have to come up with a drastic solution to clear up these problems once and for all. Whether or not that means users will get their money back sooner, remains to be determined.

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