What Is Happening Now That CoinCheck Owes Its Users Millions Of XEM? Interview With NEM CEO And Updates

in coincheck •  last year

So Whats The Deal, Is This The Biggest Hack We Have Seen & What Will Happen Now?

  • Coincheck Is An Easy To Use Friendly Exchange In Japan, And Got Quite Popular

  • A While Ago The Exchange Bought 300 million XEM At Market Rate Of The Time**

  • Jan 25th Coincheck Notices About 500 million Dollars Worth Of XEM Missing From A Hot Wallet

  • Jan 25th Coincheck Called NEM Hotline Asking What To Do About The Hack

  • CEO Of NEM Met With The Exchange Owners To Find A Solution. & Decided To Start Flagging The Funds

  • Jan 26th Coincheck Does A Press Release

  • CEO Does Livestream & Q&A With Inside NEM

  • The Exhange Headquarters Is Located In The Same Area Of Tokyo As Mt Gox Was

  • News Reporting That It Was Bigger Than Mt Gox, But Mt Gox Losses Is Valued Today At 7 Billion And

Coincheck Value Is 500 Million

  • The XEM was moved from the one wallet used in the hack, and split up over multiple wallets, to try

to avoid tracking, and flagging of the funds

  • Fungibility is a concern for users, and if each coin is identicle to erach other then only certain

actions canme taken

  • NEM is facing scrutiny, its value decreased up to 20 percent following the hack
  • NEM Said They Will Not Hard Fork.
  • Some fixes range from
  • hard fork to turn back the ledger, and force the transacions to never have happened.
  • Flagging The Coins, So whichever exchanges They Try To Cash out on will return them to their owner
  • Trying to track down the thiefs, rely on law enforcement
  • Use Better security from now on & Multisig
  • NEM team is trying to use the flag method and refuses to do a hard fork Since They did nothing

wrong, and thy want the project to be less centralized and not force any outcomes

On Twitter Users Are Told "they will be compensating their users with JPY". We See NEM Taking Initiative that we don't always see so publicly in exchange hacks


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I heard that they are to compensate all the accounts that had been hacked but they don't have enough cash to do so, but they planning to get financial assistance. If not, then they might declare bankruptcy. Pity to those account holders if that happens.

wow what a messed up situation. I saw the headline about a Japanese exchange getting hacked but hadn't read into it until your article.

I hope NEM do something to compensate at least in some way people in your situation.

They won't do a hard fork as that is way too messy, be just a logistical nightmare to try and fix it that way I imagine.

Hopefully the thieves that did it leave a trail and they can get it back before they get the coins off line. Good luck you and everyone else affected has my deepest sympathies