Coinrail Crypto Exchange Opens Trading Services Again After Hack Attack

Crypto Exchange Coinrail Opens Again with New Cryptocurrency Recovery Offer

Coinrail of South Korea has opened its doors again after being hacked last month. The new exchange offers users better security, with new ways to recover their cryptocurrencies. Eleven cryptocurrencies have been stolen, many of them have since became recovered are available again for trading and withdrawals. But not all coins were recovered after the theft.

Services Resumed

The company Coinrail was hacked June 10th with at least 45 billion Won stolen or roughly $40 Million USD. The exchange was forced to suspend their trading after the hack as they attempted to recover stolen coins. Coinrail started again on July 15th, making the announcement:

“We have completely revamped the existing security system that exposed the vulnerability and have upgraded the overall security level.”

The main reason the hack wasn’t announced by the exchange when it started trading again, Sedaily added. The Korean Internet & Security Agency (KISA) is the procedure of ending the investigation, but is still under research and analyzing, including the details surrounding the incident that can’t be released. The new outlet also reported by KISA, stated Coinrail claims its new security system complies with their standards.

11 Cryptocurrencies Affected

Eleven total cryptocurrencies in total were lost, Coinrail revealed. They were DENT, BBC, ETH, JNT, BTC, KNC, STORM, TRX, NPXS, ATX and NPER Tokens. All of the DENT, BBC, and ETH have been fully recovered; customers can now start withdrawing and trading again. The recovery of other cryptocurrencies is still in progress, the exchange mentioned.

The other seven currencies, like BTC, may not be fully recovered according to the exchange. Cryptocurrencies that aren’t stolen or in the process of being recovered, can be withdrawn immediately then traded again, according to the exchange. The total amount of cryptocurrencies that have not been recovered, can’t be withdrawn or traded until recovery is finished.

Recovery Options

The new exchange has come up with several different options for people to get back lost coins. But, the plans have been labeled as inadequate many users. The first plan from the exchange is to buy cryptocurrencies to recover lost funds. Coinrail promises to pay back users for lost cryptocurrencies by slowly buying the ones lost with profits from the everyday operations.

The second part of the plan is to issue out their own RAIL tokens to affected customers. Unrecovered cryptocurrencies can be exchanged at a rate of ‘1 RAIL = 0.72 KRW, according to the exchange. But, the price of the Rail Token dropped by a high 72.2 percent in almost half a day after Coinrail started trading again at 8 pm on the 15th, according by Sedaily.

What are your thoughts of the plans by Coinrail to compensate customers? Let us know in the comments section below.

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