Crypto News | Coincheck Hack Compensation

There are some days when nothing interesting happens all day, and then there are some days when so many things happen that you could talk about it all week. This is one of those days. No point in wasting time, obviously, so let’s get to it. You know about the Coincheck hack in late January, right? 260,000 customer accounts were affected, with a total of 523 million NEM tokens stolen. The heist (second largest ever) crashed the price of XEM and caused the Japanese FSA (Federal Services Administration) to demand better security from all crypto exchanges. After the Coincheck hack, the company promised to refund all customers – and the refund was completed on Monday. All customers were compensated on the same day – so they were definitely very quick about it. After the refund, the price of XEM tokens increased by 25%. Nobody wanted another Mt. Gox situation, and Coincheck proved that they were on top of their game.

For the rest of our coverage, we’ll tackle the emerging crypto oil wars, There Will Be Blood style. Let’s start things off with Venezuela. The last time we talked about the petro coin, Venezuelan President Nicholas Maduro claimed that the ICO had raised $750 million – a pretty impressive number for just a couple of days. Now he says that the country’s cryptocurrency has raised $5 billion, after 186,000 certified purchases. Although the petro is the first cryptocurrency backed by natural resources (oil), it will not be the last. Enter PetroDollar, slated for launch later in 2018. U.S. domestic crude oil production has been off the charts over the last couple of months. After the country became the world’s number 1 oil producer earlier this year, the prices of oil have been dropping steadily, since the U.S. shows no intention of slowing down. It is only logical that Americans won’t let Venezuelans beat them when it comes to oil-backed cryptocurrencies, especially after U.S. citizens have been (understandably) barred from purchasing the petro.

PetroDollar is being developed by Signal Capital Management, a New York capital management group – which is marketing their coin as a revolutionary new way of investing in commodities. The number of coins will be limited to 500 million (hard cap). 25 million tokens have already been issued in a limited release to a private firm, and the company hopes to raise $700 million during the ICO.


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Author: Max Rothstein

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