COINCHECK WALLET OFFLINE
Why? because PoI incentivizes staking NEM in a hot wallet, which appears to be what Coincheck was doing, seeing as how NEM was the only cryptocurrency on the exchange whose stores weren’t secured in an offline cold wallet. Proof of Importance (PoI) a Contributing Factor?Ī new, illuminating Medium report from cryptocurrency analyst Danger Zhang raises concerns that NEM’s Proof of Importance (PoI) consensus mechanism likely laid the conditions for the massive Coincheck hack. Exact date of reimbursement not yet decided. Says it is using its own capital to reimburse clients. Gox hack, which cost users more than $400 million.īREAKING: Coincheck says it will compensate all losses to its NEM holders at a rate of 88.549 JPY ($0.81) per each coin. That makes the Coincheck hack worse than the notorious 2014 Mt. The hacker or hackers responsible for the theft made off with over 520 million XEM coins, a trove worth over $530 million USD at press time. It’s a benevolent, if not hefty, price to pay. The exchange has clarified that it will be using its own revenues to cover the traders’ losses, though it has yet to announce a reimbursement schedule. cents) for each coin,” per Bloomberg reporter Yuji Nakamura. Subscribe to the Bitsonline YouTube channel for more great videos featuring industry insiders & experts Coincheck: We’re Good for ItĪfter more than 260,000 traders of NEM - ticker symbol XEM - were affected in the January 26th hack of Coincheck’s XEM hot wallet, the Japanese exchange is now going to be reimbursing users “at a rate of 88.549 yen (81 U.S.
In the aftermath of the crisis, the NEM Foundation response and NEM’s Proof of Importance (PoI) consensus algorithm have come under scrutiny.Īlso read: Illegal Cryptocurrency Mining Scripts Target YouTube Viewers Japanese exchange Coincheck is now promising to reimburse NEM customers affected in the exchange’s massive January 26th hack, already easily the largest in the cryptoverse’s young history.
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