Tag 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

The Confusion Surrounding Venezuela’s ‘Petro’ Token Blockchain

As recently covered by CCN, Venezuela’s Petro (PTR) oil-backed cryptocurrency is now being sold to investors in its pre-sale
stage. Venezuelan leader Nicolás Maduro has stated that the government already netted $735 million from the token’ sale,
without backing his claim with any evidence. The Petro is set to be used to pay taxes, fees, and other public needs, as well
as in international deals, particularly those related to oil. 84.2 billion tokens will be disbursed, out of the 100 million
ordered by Maduro. The country’s opposition-run congress has criticized the cryptocurrency’s sale as an “illegal and
unconstitutional” instrument to illegally mortgage the country’s oil reserves, yet investors are still seemingly pouring in.
Earlier this month, citing the project’s whitepaper, CCN reported that the Petro is an Ethereum-based ERC-20 token that’s set
to have a private presale. According to the whitepaper found on the project’s official website, hosted by the country’s
Ministerio del Poder Popular para Educacion Universitaria, Ciencia e Tecnologia (MPPEUCT), that report was correct.

Reference: https://www.ccn.com/eth-nem-confusion-surrounding-venezuelas-petro-token-blockchain/

White Hat Hackers Join Search for $530 Million

White hat hackers have been instrumental in investigations regarding last month’s breach of the Coincheck exchange. The
community members have helped track down the $538m of NEM cryptocurrency that was stolen from the Tokyo-based exchange. The
ethical hackers have assisted authorities and encouraged others to join in providing aid. One prominent white hat known by
the Twitter handle JK17 managed to identify the accounts that the stolen money was sent to shortly after the breach. The
information was shared with the NEM foundation, and the accounts have been marked and are currently being monitored. The
funds have now been moved to over 400 accounts including some owned by innocent holders, in what appears to be an attempt to
confuse trackers. However, many more white hats have reportedly joined the hunt, making short work of the task. Shota Hamabe,
a 34-year-old programmer is one such individual. Shortly after the breach, he held an information session at Hackers Bar, a
restaurant and IT hub in Tokyo’s Roppongi district, to coordinate and discuss options. Whilst JK17, Hamabe and others have
been highly effective in locating and flagging the accounts where the stolen NEM has been moved to, efforts to identify the
owners of the accounts, (the hackers responsible), have been unsuccessful. It was reported that one NEM trader had been
questioned by Tokyo police regarding the incident, however, no further information has been provided regarding the
individual’s involvement. Officers are also analyzing access logs in Coincheck’s system in an attempt to identify the
culprits, but this may be a lengthy process. Meanwhile, it appears that nearly 9 billion yen ($83.6m) worth of NEM is
believed to have been exchanged for Bitcoin and other virtual currencies using the dark web and other anonymous services. It
remains to be seen whether the hackers will be brought to account.

Reference: https://www.ccn.com/white-hat-hackers-join-search-stolen-cryptocurrency-worth-530-million/

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