Business 17 July 2018

Dennis Wafula

Coinrail ignites hope with relaunch, offer to recover 11 cryptocurrencies

South Korean cryptocurrency exchange Coinrail has resumed its operations on July 15, and it’s first order of business was to refund customers the crypto coins they lost during the June 10 attack.

Coinrail, the seventh largest crypto exchange in South Korea, lost a total of KRW45 billion ($40 million) worth of cryptocurrencies in the hack. Coinrail loat a significant amount of NPXS, ATC and NPER tokens. There also is evidence that around $13.8 million in ATX and $6 million in DENT was stolen, as well as coins from other projects such as Jibrel Network, Kybrel Network, Storm, TRX and B2BCoin. NPXS, an ERC20 token offered by Pundi X, took the brunt of the attack, losing somewhere around $19.5 million with the theft of more than 2.6 billion NPXS tokens.

So far, four coins have been fully recovered with the exchange working together with the authorities to recover the remaining seven.The Korea Internet and Security Agency (KISA) is still investigating the incident, in a bid to recover the missing coins and identify the suspects behind the attack.

On its website, however, Coinrail assured its investors and customers that the platform’s overall security has been beefed up to prevent similar incidents from happening. The security system comply with KISA requirements, according to the exchange.

“We reorganized into a new exchange platform, added various service support functions, and implemented a full-scale Renewal of the homepage to stabilize the KRX and use the KRX more securely and conveniently,” according to Coinrail.

Customers whose crypto coins were not stolen or have been recovered can withdraw their holdings and trade with the same. For those with unrecovered coins, Coinrail plans to compensate them using two methods:  The first plan is to use profits gained from trading to buy new coins to refund its customers, and the second will be to issue customers with Conrail’s token, RAIL.

The exchange will exchange the unrecovered cryptocurrencies at a rate of one RAIL=0.72 KRW. However, the price of RAIL fell to 0.2 KRW when Coinrail officially resumed trading on Monday, according to Sedaily.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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