There are currently about 9 billion NEM tokens in circulation, and the market cap is about $9.2 billion. It is alleged that the men received approximately 24 million XEM over the dark web from the hacker who stole NEM from Coincheck, Japan’s largest cryptocurrency exchange. On Jan 25th, however, Coincheck lost control of approximately 500 million NEM tokens, a sum valued at roughly 400 million as of the time the tokens vanished. At the time, they were valued at a total of about $460 million. 400 Million of NEM Missing from Coincheck Exchange 29 January 2018 Cas Proffitt Cyber attacks on cryptocurrencies, startups, wallets, and exchanges are well-known possibilities. Gox which saw 850,000 bitcoin being stolen. 4, but was below $1.10 even before the Coincheck hack.ĭespite the low value of individual NEM tokens, the Coincheck hack is the single biggest cryptocurrency theft in history, even bigger than the 2014 incident at Mt. NEM was launched in 2015, but it was only in 2017 that one token was worth more than $1. So it was initially no longer possible for users to transfer the crypto currency to Coinbase, so any deposits would not be displayed on the wallet. First, the Japanese stock exchange blocked the deposit of NEM. On Zaif, it was trading for over 111 yen (about $1.02) at 3 a.m. As can be seen from her blog, Coincheck has since yesterday evening imposed far-reaching restrictions on transactions. But it bounced back Saturday, following the Coincheck announcement. The price of NEM (its symbol is XEM) fell sharply after the hack was announced Friday, dropping by over 20 percent within four hours. Not understandable- Peace January 27, 2018 At the time of writing, Coincheck is the 49th exchange in the world by trading volume, handling $10.6 million worth of trades during the last 24 hours.At the time of hacked, NEM was trading at over 100jpy and now 112jpy, but coinceck says 88yen is reasonable price. The exchange has also joined the Japan Network Security Association, and procured the services of external security experts. JVCEA recently received approval from Japanese regulator FSA to act as a self-regulating body, granting it the ability to penalize its members for not following internal rules. Coincheck is also a member of JVCEA, an organization comprised of 16 licensed Japanese cryptocurrency exchanges. Rebuilding ReputationĬoincheck is attempting to re-build its reputation, and was acquired by Japanese online broker Monex. While the NEM network is permissionless, the NEM blockchain platform can be deployed in a private, permissionless context for increased performance. NEM is a blockchain platform that uses a proof-of-importance (PoI) consensus algorithm. XEM has since experienced a correction, and is currently trading at $0.109. Cardano (-87.5%) and IOTA (-85.9%) are, however, not too far behind.Īfter the news that Coincheck was reintroducing XEM trading started circulating, the token spiked from $0.092 to $0.11, and eventually peaked at $0.121. XEM, the NEM platform’s native token, is down by a staggering 88.7% since January 1. The hack has undoubtedly contributed to the fact that NEM has posted the worst year-to-date performance among the top 20 cryptocurrencies by market capitalization. In January of this year, Coincheck suffered the biggest hack in the history of cryptocurrency, losing more than half a billion dollars worth of XEM. The reason for NEM’s price spike is that the coin will be reintroduced for trading on the Japanese cryptocurrency exchange Coincheck. This is particularly surprising since the majority other cryptocurrencies with a comparable market cap have lost value in the same time period. , a cryptocurrency that’s rarely the centre of attention despite its 15th spot in the cryptocurrency market cap rankings, is up by 14% in the last 7 days.
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