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Japanese cryptocurrency exchange Coincheck has announced Saturday, Jan. 27, that it will issue full refunds to all of the 260,000 of its users who have become victims of the Friday NEM hack.

The Coincheck exchange has been hacked yesterday, Jan. 26, resulting in a massive loss of 523 mln NEM coins, worth approximately $534 mln at that time. During a press release following the hack it has been revealed by the exchange’s representatives that the funds were stored on a single-signature hot wallet, constituting a relatively low-security environment.

The company has now confirmed its intention to refund the stolen money to the affected users. According to the announcement, the refunds will be done using the exchange’s own capital.

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