Published: 2018-11-13 03:45:05
The price of the NEM tokens (XEM) has gone up 15% after the Japanese exchange Coincheck has announced that it would start trading it again. Coincheck is a well-known exchange and crypto wallet service that is based in Tokyo.
— NEM (@NEMofficial) November 12, 2018
The Story Of The Hack
Coincheck stopped to trade NEM as it suffered one of the largest breaches in the history of cryptocurrencies in January 2018. The Japanese exchange was hacked and it lost over $530 million USD worth of XEM.
Soon after the hack was reported, the Japanese Financial Services Authority (FSA) has ordered the company to submit a detailed report on how the incident would prompt the company to improve its security for the assets of the clients in the future.
Most of the tokens that were stolen at the occasion were NEM, so the exchange halted its activities. Now it has announced that it would trade them again and that it would start trading Ethereum (ETH) and Lisk (LSK). Japanese investors will be able to use the exchange to buy and sell these tokens now.
Coincheck was quickly acquired by Monex, a Japanese financial services company, soon after the hack occurred. According to information, the sale was made for $33.5 million USD. However, the exchange has seen a decline of 66% in the revenues of its profit for the third quarter of 2018.
NEM (XEM) Goes Up
The major development from the company starting to offer the assets again is that now the price of NEM has gone up 15%. This is the highest price that the token had it the last nine weeks.
At the moment, NEM is the 17th largest cryptocurrency by market cap and its price reached the top of $0.114 USD at 9:15 UTC on November 12. This was the highest price since September 5. The whole NEM market now stands at $1.02 billion USD.
This happened as some other cryptocurrencies had modest gains in the market. Monero (XMR) and Ripple’s XRP where only 3% up during this timeframe. Bitcoin (BTC), for instance, was only up 0.41% following the trend of being very stable lately.
Price surges like this are not very common in the current bear market, as most of the tokens are actually losing value over 2018.
At the moment, it is still difficult to know for sure whether this price surge represents something that will continue over time and that will be improved or if it is simply something temporary and the price gains will only soon be lost.
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