Category Archives: NEM

Japanese Exchange Coincheck Begins JPY Refunds for NEM Hack Victims

As of today, Tokyo-based Coincheck has begun distributing reparations to users impacted by the infamous late January theft of some $530 million in NEM. With an announcement on its website today, Coincheck has begun reimbursing funds – in JPY – to the account balances of users who held NEM at the time of the theft on January 26th. The refund value will be at a fixed rate of 88.549 Japanese yen, approx. $0.83 per NEM token stolen at the time. That’s over twice the current trading value of NEM’s XEM token, at just under $0.40 at press time. Continue reading Japanese Exchange Coincheck Begins JPY Refunds for NEM Hack Victims

NEM Price Jumps 16% as Other Top Coins Tumble

It was a disappointing day for cryptocurrency investors, as 97 of the top 100 coins posted single-day declines. However, the NEM price (XEM) not only resisted this bearish trend — it actually managed to achieve a double-digit percentage increase against the US dollar. Continue reading NEM Price Jumps 16% as Other Top Coins Tumble

Coincheck has lost $400 Million in NEM Coins Hacking

How do you lose $400 million in crypto currency? That’s the question that one of Japan’s biggest crypto currency exchanges Coincheck is trying to answer. Coincheck’s co-founder Yusuke Otsuka said 500 million NEM coins worth about $400 milion were sent illicitly outside the venue. The news has spooked investors in Japan, where many investors are still wary of crypto currency exchanges 4 years after the Mt. Gox collapse, which was the world’s leading Bitcoin exchange at time, and Mt Gox hacking and collapse had crashed the price of Bitcoin by nearly 90% at that time from $1000 to $100 within a week. This new loss in Jan 2018 is one of the biggest of investor assets since Bitcoin’s launch. Japan’s Financial Services Agency is looking into the case.

Reference:
https://www.bloomberg.com/news/articles/2018-01-26/cryptocurrencies-drop-after-japanese-exchange-halts-withdrawals