NEM Foundation: Blockchain Technology Can Have Profound Social Impact

NEM (XEM) still has not seen a significant upward price move, as altcoins wait for another big moment.

The nascent blockchain technology could have a profound social impact, said Jeff McDonald, vice president of the Singapore-based digital currency group NEM.io Foundation.

In its official Twitter account, NEM said that McDonald gave presented his vision how NEM could be used for social impact at a speech in Gangnam, Seoul.

NEM’s latest statement came as it revealed in an earlier tweet that it had deactivated the tracking mosaic that was put in place to watch the movement of the stolen NEM cryptocurrency. NEM Foundation president Lon Wong did not provide any details.

The company said in an official statement:

 “This effort was effective at reducing the hacker’s ability to liquidate stolen XEM and provided law enforcement with actionable information,” the statement said. XEM is a unit of NEM. We don’t plan to release further details due to the sensitive nature of this investigation.”

According to the firm, since the hacking incident, Coincheck has distributed nearly $440 million to its estimated 260,000 customers who lost money from their XEM holdings that were targeted by the hackers. Coincheck is refunding victims of the theft at the rate of $0.83per NEM token, giving them the opportunity to buy up to three times more XEM than the amount they lost from the theft based on the prevailing market price of $0.31 per coin.

The company added:

“On behalf of the NEM.io Foundation, we want to thank you for your ongoing support since January 26, when the Coincheck exchange was a victim of theft… We’ve been working closely with our partners and exchanges to improve security protocols by utilizing NEM’s built-in security features and adoption of industry standard best practices to help protect against future attacks.”

Concheck lost $545 million from hackers

Coincheck fell to the largest hacking incident in history when the cryptocurrency exchange lost a total $545 million from a hacking attack.

The company announced after the discovery of the attack:

"Depositing NEM on Coincheck is currently being restricted. Deposits made to your account will not be reflected in your balance, and we advise all users to refrain from making deposits until the restriction has been lifted.”

NEM lists on Binance

On Tuesday, we reported that NEM has finally listed on Binance, one of the most active digital currency-only exchanges. Deposits for XEM tokens and trading are open for three pairs: XEM/ETH, XEM/BTC, and XEM/BNB. Each transaction is charged with 4 XEM, with minimum withdrawal set at 8 XEM.