Singapore-based cryptocurrency NEM (XEM) has rallied 16% on Monday, with the upside being attributed to Coincheck’s decision to resume trading of XEM, ETH and LSK.
Coincheck suffered a malicious hack in January 2018, 523 million XEM coins were stolen from the exchange, worth approximately $400 million. Instead of going down the traditional route and conducting a hard fork, NEM decided to create an automated tagging system, which followed the money and tagged any account that received tainted money.
NEM stopped tracking the coins in mid-March after concluding that enough data was provided to local law enforcement to conduct a full investigation. Coincheck responded to the hack by refunding the 260,000 affected users in JPY from their own capital.
— Coincheck(コインチェック) (@coincheckjp) November 12, 2018
The decision by the exchange to refund customers was seen positively in the cryptocurrency space, especially in light of the exit scams that have been present over the past few months.
And now, Coincheck, who are a major fiat gateway exchange in Japan, have announced the resumption of trading for XEM coins as well as Ethereum and Lisk. NEM is hugely popular in Japan and the re-listing has caused a large chunk of buy volume to come in on Binance and other exchanges.
NEM was trading at around $0.09 before the news broke, rising to as high as $0.11 before falling back down to around $0.10.