![]() ![]() ![]() The price of NEM has fallen by about 11 percent since Coincheck’s troubles began. #Coincheck stolen investigations fullThieves stole the full value in NEM tokens, a Japanese-based coin that has one of the highest total market values among cryptocurrencies. The amount lost was originally thought to be around $400 million USD and now further investigation is required to see if even more than $533 million USD has been stolen. Neither the method of attack nor the full amount lost are known publicly at this point. The company plans to repay around $425 million to users, they said on Monday, but offered no specifics on how and when the repayment would materialize. The coins were sent “illicitly” outside Coincheck. Gox in which the coins were valued at $450 million USD. This is the largest cryptocurrency theft of all time, eclipsing the historic 2014 heist against Mt. He emphasized that the incident has nothing to do with the NEM blockchain, which remains “one of the most secure and simple blockchain systems to use.Thieves stole at least $533 million in an attack against Coincheck, Japan’s largest cryptocurrency exchange, the company’s president and chief operating officer said at a press conference at the Tokyo Stock Exchange on Friday. In Coincheck’s case, “they did not implement the multi signature verification,” he said. #Coincheck stolen investigations installHe urged cryptocurrency exchanges to install NEM’s built-in security feature, a “multi signature verification” that requires more than one person to acknowledge the movement of funds. Lee said the sole purpose of the foundation is to introduce, educate and promote the use of the NEM blockchain technology platform, which it did not itself create, on an international scale to all industries and institutions. If asked for assistance, his foundation “would do its level best in ensuring that this investigation is dealt with full integrity and transparency.” So far, Japanese authorities have been dealing directly with Coincheck in the investigations, Lee said. However, he added that “there could be other avenues for them to cash out” and that if the missing funds are not transacted through an exchange, “the identity will be difficult to check.” He said that if the missing funds are transacted through a licensed cryptocurrency exchange then they will be able to have more information on the tokens itself. “We have done what we could from the NEM foundation’s side…so the only way we can track whether the hackers have done anything…is (to monitor) their next move.” We’re hoping that the hackers will eventually return the money.” That, Lee said from Hong Kong, “would allow us to potentially identify the hackers.” However he conceded that “at this moment we don’t know where they are.” Within 24 to 48 hours, the NEM team had developed a solution by tagging the stolen cryptocurrency as tainted funds, making them easy to verify if withdrawn from or deposited to regulated trading platforms. Roughly 58 billion yen ($532 million) in NEM was stolen from Coincheck on Friday, marking the largest ever loss of cryptocurrency to hackers. ![]() Jason Lee, Australasia’s Director of Partnerships and Strategic Alliances at the NEM.io Foundation, told Kyodo News in a phone interview that on Saturday (27th Jan 2018), just hours after the hacking attack, the Coincheck team was in contact with the NEM team. ![]()
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