NEM [XEM] increases by 12% after Coincheck resumes services

NEM [XEM], the seventeenth cryptocurrency based on market capitalization, increased by more than 12.55% in the last 24 hours. The currency rose to the market despite most of the coins left in the realm of bears.

According to CoinMarketCap, the currency was trading at $ 0.107 with a market capitalization of $ 965 million. The currency has a trading volume of $ 30 million and has increased by 13.82% over the last seven days.

The volume of trade for the currency is coming from Binance, one of the largest exchanges of cryptocurrencies, with XEM / BTC pairs. It is followed by Zaif, a popular Japanese exchange that has recently been violated, with XEM / JYP couples. The other exchanges in the top 5 are respectively Upbit, Poloniex and Bittrex.

NEM [XEM] price table Source: CoinMarketCap

Today, NEM has announced that Coincheck, a leading Japanese trading platform, will resume trading services for the currency today, 12 November. The cryptocurrency has risen to the market before the announcement of the NEM team.

NEM said on Twitter:

"#Coincheck shooting $XEM activities today! "

Coincheck announced on their official website:

"Coin Check Co., Ltd. has resumed the opening of new accounts and the payment / purchase of some virtual currencies on October 30, 2018, as regards ETH, XEM and LSK, the confirmation of the technical safety has been completed with the collaboration of external experts and we have resumed the payment / purchase of the virtual currency from 12 November 2018, I will inform you. "

The exchange had lost $ 500 million of NEM dollars [XEM] tokens due to a hack at the beginning of this year. The hack took place at the beginning of January 2018, when all the cryptocurrencies were on the positive side of the market. Almost 6% of the circulating tokens were compromised at the hack. This was noted as the biggest trick to take on the cryptocurrency market after the Mt. Gox. According to reports, tokens were converted to the darknet and were either cashed or converted into other cryptocurrencies.

Publish the hack, the NEM team helped the exchange as they had the mechanism to track down the wallets that had the stolen funds. However, this ended when the hackers started sending some of the stolen funds to "innocent wallets", making sure that the team also followed their wallets.

Furthermore, the exchange did not have a license from the Financial Services Authority [JFSA] to conduct operations related to cryptocurrencies at the time of the hack. Nonetheless, Coincheck had agreed to distribute $ 440 million to over 260,000 users, who had been hit by the hacks.