Coincheck Exchange Stopped All Currency Withdrawals

Coincheck suspended both crypto and fiat withdrawals after huge amounts of money disappeared from users' accounts on the exchange
26 January 2018   1248

Coincheck, one of the leading Bitcoin and cryptocurrency exchanges in Asia, has reported on January 26 that it suspended all currency withdrawals, both crypto and fiat.

Later, it stated that depositing NEM on Coincheck was also restricted, and deposits made to users' accounts would not be reflected in their balance, and Coincheck recommended all users to refrain from making deposits until the restriction had been lifted.

All withdrawals from the platform are currently restricted, including JPY. Thank you for your understanding. We are doing our utmost to resume normal operations as soon as possible.
 

Coincheck Exchange Status

Later, it stated that depositing NEM on Coincheck was also restricted, and deposits made to users' accounts would not be reflected in their balance, and Coincheck recommended all users to refrain from making deposits until the restriction had been lifted.

Coincheck StatusCoincheck Status Page

As it was reported by Joseph Young, the writer at Cointelegraph, the Ripple payment worth $123M left Coincheck wallet on January 26 along with $600 million in XEM. The users suspect that it might be a hacking attack or a "planned move".

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   610

The NEM Foundation, a community-sponsored nonprofit organization to promote the blockchain of NEM is planning a massive downsizing of its staff, which currently has 150 people. This is reported by CoinDesk.

It is assumed that these steps are associated with a significant reduction in the budget and the forthcoming restructuring of the organization based in Singapore.

Thus, the newly elected president of the NEM Foundation, Alex Tinsmen, announced plans to send a request to the NEM public fund for the allocation of 160 million XEM tokens (about $ 7.5 million), which should help save the organization from bankruptcy.

Basically we realized we had a month to operate, due to the mismanagement of the previous governance council.
 

Alex Tinsman

President, NEM Foundation

After the request for the allocation of the specified amount is made officially, all 202 members of the fund will be invited to vote for it. The scale of the cuts will depend on the amount of funding approved, Tinsman added.

According to her, the NEM Foundation spent about 80 million XEM from December 2017 to January 2019 primarily on marketing.

We’ve reduced marketing activities because it doesn’t make sense to market a product [Catapult] that isn’t out yet.
 

Alex Tinsman

President, NEM Foundation

In particular, Alex Tinman refers to the blockchain engine Catapult. Its full-featured release was announced back in May last year.

NEM developers and users who wish to remain anonymous also state that the organization’s previous president, Lon Wong, used his position to promote questionable ICOs. As a result of these actions, he allegedly undermined community confidence.

According to Tinsman, a very strict budget policy will be respected under the roadmap for 2019. It is assumed that each team will be allocated a limited budget, there will also be requirements for public disclosure of documentation describing the tools they develop for the NEM ecosystem.

It is also planned to monetize the activities of the NEM Foundation by educating corporate users and affiliate marketing. This is expected to help reduce the organization’s dependence on community funding.