NEM [XEM] upsurge – only coin among the top 12 in green! Is Coinbase refund the reason?
NEM is suddenly the star of the crypto market with a drastic 12.01% increase in the last 24 hours and a 25% increase in the past 7 days. Trading at $0.4438 currently this currency has set back the other coins.
What was the reason for such a sudden uprising?
Lon Wong, President of NEM.io Foundation Ltd recently stated on his official Twitter account which said:
Lon Wong’s Statement
What is NEM?
The NEM.io Foundation is dedicated to the development and adoption of NEM blockchain technology and is a non-profit organization. This Japan-based crypto exchange platform had played victim to one of the popular hack attacks about a month ago, during which they promised all the users who faced a loss, a refund.
Monishe, disappointed spectator tweeted:
“Hold up, this shit happened almost 2 months ago. XEM is giving an official word now? The foundation is ok with speaking on this, but not when the communist country uses their platform?”
A few hours later they officially tweeted again, stating:
“Coincheck starts refunding on March 12, 2018, and resumes some trading activities.”
The hack was a result of $530 million stolen from Coincheck platform and a lot of victims lost their assets. According to what Coincheck stated, they will reimburse the victims at a rate of 88.549 Japanese Yen ($0.83) for every NEM token stolen. According to reports, Coincheck has already completed $430 million worth refund transactions.
In addition to this, they also announced the restart of withdrawals and trading of cryptocurrencies excluding a few. ETH, ETC, XRP, LTC, BCH, and BTC will be live for trading as of now and the other assets and services will take a little more time.
Kelvin, a trader, and NEM holder stated happily:
“I received my refund from coincheck and bought more NEM (XEM). Let’s go!!!”
There is a possibility this might have directly affected the sudden increase in NEM’s net. The refund action has reinstalled the trust factor in its users.
With the market crashing completely, NEM is the only coin that stands not just in green zone but also with a great margin increase rate.
The possible cause of the previous hack, lack of security measures has ignited the FSA’s probe into the system along with a second admin penalty by the agency. They are required to submit a theoretical agenda by March 22nd regarding their plans and improvements for the same.
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