Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Once Popular Coins (Graveyard) => Other Popular Cryptos / Coins => NEM Forum => Topic started by: sasanka wijeratne on January 27, 2018, 04:11:36 AM
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Coin check was hacked and 523 mln NEM coins were stolen according to the cointelegraph. Subsequently coincheck stopped all the NEM withdrawal . The price of XEM dropped from .94 to .77 and at present price is stable at .82. This was a major hit for the Japanese exchange which greatly influence the price of NEM.
Lon Wong posted on Instagram
LON WONG
It's unfortunate that coincheck got hacked. But we are doing everything we can to help. __________________________ ⠀
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Great example of why you don't leave stuff on a exchange. And because of coincheck lack of security "A hard fork could have been executed if $534 million in NEM were stolen due to the fault of the NEM blockchain. But, because the security breach was caused by the lack of strong security measures of Coincheck, the NEM #DevelopmentTeam rightfully refused to conduct a hard fork" Look for more talk of regulation I bet.
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It's true, as soon as you transfer your coins to an exchange, they must be sold. Too many crypto hacks occurring these days. Remember to sell when there is euphoria, and buy when there is panic. That rules applies to all investments, even crypto.
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It seems that even huge news like this really had little to no effect on the price of NEM in fact If i can recall the price of NEM actually increased after this event.
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Great effort by NEM team to give info about the hack, something Coincheck could not do....