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NEM declares Not to track the Stolen Bitcoins from Coincheck

Mar 22, 2018 Posted /  1369 Views

NEM declares Not to track the Stolen Bitcoins from Coincheck

In a recent turn of events regarding the stolen bitcoins from the Japanese stock exchange Coincheck, the NEM  foundation has declared that they will no more be tracking the stolen bitcoins. The news came as surprise as the NEM foundation lost as much as $500 million to an unidentified hacker, along with a lot of goodwill and trust.

The company had a mosaic tagging system associated to all its bitcoins which helps the Singapore based company to keep a check on all the transactions that take place within their service arena. In this automated system, specially designed by NEM foundation, the system follows the money and the account to which the money gets transferred to, thus bringing it on the radar of the company.

However, in this case, the NEM foundation has somewhat hinted on the breaches of international protocol that it will involve itself in, thus giving a not so justified reason for the removal of the surveillance of the money.

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The Coincheck hack is considered to be one go the biggest hacks in the history of cryptocurrencies and shows how fragile the nature of cryptocurrencies is as the money was not just stolen, but with it went down a lot of other information and the trust of the people. It has been reported that the stolen money was not converted entirely at once, but some of it was liquidated within a week of the theft and thus the process keeps happening in bits and pieces, repeating the cycle. It was already made clear that the NEM foundation was unable to find the stolen money, and now with the Mosiac removed the money is completely gone.

The president of the foundation, Lon Wong in his statement mentioned that the NEM foundation had "disabled the tracking mosaic that was put into place to monitor XEM movements from the Coincheck theft.” He did not divulge any details further owing to the sensitive nature of the ongoing investigation. However, the NEM foundation has made it clear that the refund of all the stolen money will be made to the customers (as much as $500 million) at the rate of $.83 per NEM token stolen.

Even after such big a case, NEM foundation did not suffer any significant drops in their clientele or their sick prices which came as a good news for the Singapore based company, and with heir gesture of providing a refund to the customer, it merely shows their strengths and ability to maintain the quality of their services in the worst of the situations.

Such cases in the crypto industry are a clear direction to how careful the customer has to be while dating with technology, especially when their money is involved, and how responsible the dealing companies have to be when they claim responsibility of the customers' money.

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Tags: coincheck NEM Cryptocurrencies

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