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
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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.