NEM Refuted Coincheck's Stolen Funds Withdrawal Info

According to NEM Foundation, they are using NEM’s tagging system in order track stolen coins
01 February 2018   756

About 500 million XEM tokens ($ 533 million), stolen from the accounts of the Japanese cryptoexchange Coincheck, were not transferred to other sites. Also, hackers have not yet tried to sell coins, according to the NEM Foundation blog.

We are closely monitoring the stolen funds. Some small amounts, under $100 USD each, have been moved to several accounts. NEM’s tagging system is working to track how funds are moved. None of the stolen funds have been sent to any exchanges. As long as those funds are off public exchanges they will be very difficult to liquidate, especially in large amounts.
 

NEM Foundation

Earlier, Reuters reported that the attackers of Coincheck tried to move the stolen cryptocurrency funds.

[The hackers are] trying to spend them on multiple exchanges. We are contacting those exchanges.
 

Jeff McDonald
Vice President, NEM

On January 25, the bitcoin-exchange Coincheck confirmed the theft of more than half a billion dollars in the NEM currency. Later, the site promised to pay $ 400 million to affected customers. In addition, the financial services agency of Japan will begin checking the rest of the country's bitcoin exchanges after the Coincheck platform has been hacked.

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   600

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.