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NEM does not plan to restore stolen funds through hard-selling

We already  wrote about the situation associated  with the Japan Credit Exchange Coincheck where XEM was Stolen for about $ 530 million.

On the Internet, many are trying to compare this situation with the infamous collapse of Mt. Gox.However, the current situation is radically different and the NEM team intends to conduct effective measures.

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Since the break-in constituted a rather large percentage of the total amount of XEM in circulation, it immediately assumed that NEM would activate a hard plug for restoring the funds following the Ethereum example after stealing DAO in 2016.

However, Lon Wong, president of the NEM Foundation, publicly stated that he is against the fork.

In his statement, he reiterated that the break-in was due to Coincheck’s “relaxed” security measures, and not because of a lack of NEM source code.

The next step of the developers is to track the Stolen Funds. Because NEM is an account-based platform, all linked accounts can be marked, which allows you to know whether the account was stolen or not.

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“We help with marking the stolen XEM, and we transfer the affected addresses to the exchanges.” – The NEM command (XEM is the marker name)

Thus, it will be almost impossible for an attacker to use stolen funds.

During a press conference on Friday, Coincheck executives said that customers will receive compensation for the stolen funds, although it is currently unclear whether it is a full refund.

This is another significant difference from the situation with Mt. Gox when the majority of Bitcoin stolen from Gox will never be restored.

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The post NEM does not plan to Restore Stolen Funds through hard-selling appeared first on Digital Bodha.

This post first appeared on Cryptocurrency News | Bitcoin Mining Hardware | Dogecoin, please read the originial post: here

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NEM does not plan to restore stolen funds through hard-selling


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