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NEM’s Global Spokesperson provides insight; XEM not compromised on Zaif exchange

Ajay Narayan

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NEM’s Global Spokesperson provides insight; XEM not compromised on Zaif exchange
Source: Pixabay

On 20th September, NEM foundation, the non-profit asset management platform announced that they were safe from the hack of the Zaif cryptocurrency exchange that occurred on 14th September. They further stated that the NEM blockchain platform was secure and all the NEM mobile wallets and NEM Nano wallets also remained secure.

Zaif exchange hacked on 14th September | Source: Twitter

Zaif exchange hacked on 14th September | Source: Twitter

Alexandra Tinsman, Global Spokesperson for the NEM Foundation stated that the Zaif hack was very unfortunate and reminded the entire cryptocurrency community to protect their funds by taking adequate security measures. Tinsman also reminded the community to use multi-factor authentication and hardware wallets. She further added:

“Anyone trying to withdraw cryptocurrency from Zaif right now will find it’s temporarily suspended as Zaif goes through the regulatory authorities investigation process.”

There has been no official confirmation of any damages related to NEM. According to Zaif, exchange of Bitcoin, Bitcoin Cash, and Monacoin have been affected. Furthermore, NEM’s cryptographic currency [XEM] uses multi-sig which is designed to set up the first preventive line against hacking.

According to Zaif exchange, on 17th September, the company detected a server abnormality. The hacking damage was only confirmed on the next day. The exchange platform had reported the case to the Treasury Department after analyzing the cause for server abnormality. They further added that the recent attack was a criminal case and in order to prevent the same kind of crime in the future a damage report had been filed and submitted to the investigative authorities.

According to the report, while NEM was still traded on the Zaif exchange, the deposit and withdrawals of BTC, MONA, BCH, and counterparty tokens [ZAIF, XCP, PEPECASH, BCY, SJCX, CICC, FSCC, NCX] were currently suspended. However, the deposits and withdrawals of XEM, ETH, CMS: XEM and CMS: ETH has been resumed.

Nem was recently hacked on Coincheck and a spokesperson from NEM stated that the hack took place because the exchange platform did not take adequate security measures. He further stated that NEM had officially handed over the responsibility to the authorities and also assisted them in tracking the stolen funds.



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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

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