NEM (XEM) Price Surges 15% After Coincheck Resumes Trading
The price of NEM (XEM), a cryptocurrency project building a faster blockchain designed for better-performing smart assets, has surged around 15% after it was announced that trading would resume on Coincheck, a bitcoin wallet and exchange service headquartered in Tokyo.
— NEM (@NEMofficial) November 12, 2018
Coincheck suffered one of the largest breaches in cryptocurrency history in January 2018, with hackers stealing $530 million worth of NEM from the company. After the hack, the Japanese Financial Services Agency (FSA) ordered the company to submit a full report on the incident and how they would improve security for clients in the future.
Following the hacking event, Coincheck was acquired by Monex, a Japanese financial services company, for 3.6 billion yen ($33.5 million). It was recently reported that Coincheck saw a 66% percent decline in revenue for Q3 2018, according to fiscal results published by Monex.
XEM surged in early trading Monday, briefly passing $0.11 before falling back to $ 0.1067. The altcoin now has a $960.5 million market cap, making it the 17th largest cryptocurrency and the 16th largest constituent in the AltDex 100 Index (ALT100).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.