N. Korea May be Related to Coincheck Hack

The National Intelligence Agency of South Korea says that Pyongyang can be related to the largest recent exchange hack
06 February 2018   923

The National Intelligence Agency of South Korea has launched an investigation into the possible involvement of North Korean hackers in hacking the Coincheck exchange, in which about $ 533 million was stolen in NEM tokens, Nikkei reported.

According to Agency, in the attack on the Japanese exchange was found a number of distinctive features inherent in the operations of North Korean hackers. Investigators believe that the current attack on Coincheck has much in common with the attack on the South Korean exchange Youbit, which in December last year was forced to declare itself bankrupt after stealing about 17% of its assets.

While the investigators of Agency failed to find irrefutable evidence of Pyongyang's involvement in the Coincheck hacking, it is considered as one of the main versions, added the lawyer who attended the meeting of the department. He also noted that, according to Agency, North Korea has begun to expand the range of methods of illegal mining of cryptocurrency - Pyongyang is also credited with the spread of XMR virus-miners.

In late January, one of the largest crypto exchange in Japan Coincheck confirmed a major theft of funds from the platform. A total of 58 billion yen ($ 533 million) in the NEM (XEM) crypto currency was stolen.

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.