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The NEM foundation, the Singapore-based organisation founded to “introduce, educate, and promote the use of the NEM blockchain technology”, has announced that it is to stop tracking the XEM which was stolen in the Coincheck hack in January.

NEM president Lon Wong released the statement yesterday on the foundation’s official Medium account. Wong said that from March 18th the NEM foundation had “disabled the tracking mosaic that was put into place to monitor XEM movements from the Coincheck theft”. The mosaic had been in place to reduce “the hacker’s ability to liquidate stolen XEM” as well as to offer “law enforcement with actionable information”. Due to the investigation’s “sensitive nature”, the NEM foundation has no plans to “release further details”.

Wong also provided the NEM community with an update on Coincheck’s reimbursement of the stolen XEM. 260,000 customers will be refunded a total of ¥46.6 billion ($440 million), at a rate of $0.83 per NEM token. He points out that this is considerably higher than current market rates; indeed, it would allow the investors who suffered losses to “purchase close to three times more XEM than they had lost in the theft at the current market price.”

Wong moved to reassure the NEM community that the “decentralized NEM protocol is highly secure and is performing exactly as designed” and that the foundation had been “working closely with our partners and exchanges to improve security protocols”.

Binance Adds XEM Pairs

Things have started to look up for XEM after a bad few months where it was the worst performer of the major altcoins. Investor sentiment has improved with the Coincheck reimbursements, and in further good news, Binance have added new XEM currency pairs. An announcement from the world’s biggest cryptocurrency exchange said that “XEM/BNB, XEM/BTC and XEM/ETH trading pairs are now available”.

Image From Shutterstock

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