Well, it was a short greenish moment yesterday for cryptocurrencies. Soon they went back to red. Today, red continues to dominate over the market cap after Bitcoin failed to break resistance 10K and dropped back to 9K. However, Nem, sustains his green spot with a percentage of 15% this morning performing even better than Bitcoin.
February wasn’t a good month for NEM as it lost over half of its value. XEM, NEM’s coin reached really high before being involved in what has been described as the biggest hack in the history of technology: NEM’s loss was approximate to 534 million dollars in late January.
However Coincheck maintainted its statement that there were no issues of security, many attributed the theft to the fact that Nem was stocked in simple wallets rather than on “Muli-sign” wallets.
As soon as the incident happened, NEM‘s developers started tracing the stolen money via a tagging system that would detect the money when its transferred to any account.
Earlier this month, we started seeing some news about tracing the stolen money in exchanges in Canada and Japan.
As a response to the incident, coincheck reinforced security and pledged to refund 260 million dollars (estimated as more than the amount of money that was stolen).
NEM made the following announcement hours ago which explains the NEM’s powerful come back:
— NEM (@NEMofficial) March 13, 2018