Coinrail backs in the game

Posted 17 July, 2018

South Korea's crypto exchange Coinrail has reportedly announced the restart of the trading operations. The company has worked out variants how users can recover their funds. 

Coinrail was hacked in early June and lost some $40 million in 11 cryptocurrencies. As a result, the platform suspended trading and focused on recovering lost funds. For now, the management successfully restored operations with BBC, DENT and ETH, though other coins remain unavailable so far (BTC, KNC, STORM, TRX, NPXS, ATX, NPER). 

According to the company statement, the platform team fully revised, eliminated vulnerability and boosted security level. Moreover, they claimed that the current measures come in line with the recommendations of the Korea Internet and Security Agency. However, the authority is yet to make the final determination under the investigation.

After the hack, the company presented the recovery plan with two options. Specifically, the first option was developed for the platform covering purchases of cryptos to recover the loses. The company said that the unrecovered coins would be paid step-by-step due to the profit received. At the same time, the second option suggested issuing own RAIL tokens for the users that lost money, and RAIL could be exchanged at the rate 1 RAIL = 0.72 KRW. Notably, the tokens plunged to 0.2 KRW just after the announcement of the trading restart.

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