NEM (XEM) Trading Resumes on Coincheck Months After Hack
January 25, 2019
After ten months of stagnancy, the newly re-opened Japenese cryptocurrency exchange Coincheck has resumed its NEM (XEM) trading. According to a South Korean news source FNNews, Coincheck has restricted its platform by external ‘security experts.’
— Coincheck(コインチェック) (@coincheckjp) November 12, 2018
NEM (XEM) Trading Resumes on Coincheck
Back in January, Coincheck suffered the largest cryptocurrency exchange hack in history. $530 million USD worth of XEM was stolen from the Japanese exchange. After the investigation, the company announced it would repay the 260,000 investors affected by the hack.
At the time of the hack, Coincheck’s website read:
“We would like to offer our sincerest apologies to our customers, other exchanges, and everyone else affected by the illicit transfer of NEM which occurred on our platform. We vow to take action on all of the points listed in the business improvement order handed down from the Financial Services Agency as we work towards resuming normal business operations. Currently, we have suspended various features of our platform including new registrations. Thank you for your patience and understanding.”
Since the incident, NEM purchases and deposits have been completely halted on the Coincheck platform. In addition to NEM, the exchange will soon open up support for both Ethereum (ETH) and Lisk (LSK).
Back in March, the Financial Services Agency (FSA) of Japan gave the company a business improvement order. The ‘watchdog’ demanded that the company undergo drastic reforms to its exchange platform, which included enhanced anti-money laundering (AML) and counter-terrorism financing (CFT) measures.
Shortly after, Coincheck was acquired by the Japenese internet broker Monex Group Inc. On October 30th, Monex announced it would resume Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC) trades.
After Coincheck made the announcement yesterday, NEM saw price gains of well above six percent. According to CoinMarketCap, NEM (XEM) is currently trading at $0.113 a coin, up 6.24%, in 24 hours.
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