Coincheck 500M Hack Interview with Jeff McDonald, NEM VP

Coincheck 500M Hack Interview with Jeff McDonald, NEM VP

video note:
This is a special announcement about the theft of XEM coins from the Coincheck exchange on January 25th 2018. I’m going to explain what the NEM team knows about the situation and what NEM’s response will be. NEM Foundation Jeff McDonald is my guest.

Coincheck is the second largest cryptocurrency exchange in Japan. It was founded in 2014 and has an office in Tokyo. They also provide cryptocurrency payment services to many large businesses such as online retailers.

Today Coincheck reported to law enforcement that they suffered a security breach and someone had stolen 526 million XEM from their company account. The stolen coins were worth about $500 million US dollars. Coincheck has suspended deposits and withdrawals of XEM until they can implement new security measures.

NEM President Lon Wong issued a press release confirming that the NEM blockchain has not been compromised and all coins in NEM Nanowallets and mobile wallets are 100% intact. He also confirmed that NEM will not fork.

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