South Korean cryptocurrency exchange Coinrail has unveiled its plan to resume service despite surrounding controversies. The exchange reportedly removed a key part of its terms of service right before it was allegedly hacked, arousing suspicions.
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Service Could Resume Around July 15
South Korea’s seventh largest crypto exchange, Coinrail, reported that it was hacked on June 10. The damage is estimated to be around 45 billion won (~US$41 million).
Coinrail’s notice.
On its website, the exchange states that 70% of its total coins have been safely moved to cold storage. In addition, “about 80% of the coins that have been confirmed to be leaked have been frozen/ withdrawn/ redeemed or equivalent…while the remainder is under investigation with investigators, related exchanges, and coin developers,” the exchange wrote, adding that the coins stolen are NPXS, DENT, BBC, ATX, JNT, and NPER.
Coinrail tweeted on Monday that it is in the process of restructuring its business in order to resume service around July 15. The exchange elaborated:
Coinrail will resume service before July 15 if it is determined that the service is ready to resume…We are constantly preparing a number of measures to recover the damaged coins and we will be reporting progress on the restoration measure at the end of June.
Unhappy Customers
Notice outside Coinrail’s office. Photo by Informant.
Coinrail says, “We are setting up a recovery plan with various stakeholders such as coin developers,” Sedaily detailed, noting that some customers are skeptical and do not believe that Coinrail will resume service on that date.
On Monday, about 50 customers visited Coinrail’s headquarters in Gangnam, Seoul, EKN conveyed. However, there was a notice on the exchange’s front door advising
