Rather annoyingly it's getting no hype when people talk about altcoins for 2018 etc etc. The bull case is that in a few months we see just how much traction it has gained with Japanese and other corporates, and unlike other coins which hold promise but no results, this one delivers credible use cases and partnerships.

IF that happens this one will go up 20x this year.

Yeah it seems very strange that how exchange owner will refund so much money?
Have they earned so much money with exchange? it is also their own fault, they should have maintained security that nobody could not hack exchange.
Now they will have to refund $425 million. Hope so after this incident they will secure exchange much better than before.

There's no official word from the exchange, but it seems that they are themselves a large holder of NEM and likely a significant % of the lost funds belonged to them, not the customers.

Boy, you were triggered, I guess there must have been some truth to what I said. Fragile emotions you said? In my post I was strictly talking about having some compassion for people who lost their money, whether they had it on the exchange because they were trading, or because they used the exchange as a wallet. You're bringing up other stuff, when I'm simply talking about character and not having the attitude of "those who lost it are weaklings, and the hacker is the stronger one." I'm responding specifically to that, I can do that.

Especially a coin like Nem, which was originally created with the little guy in mind, and then evolved into what we see today.

I think there is a great prospect of growth here. Good luck to you guys!

It is very unfortunate that this coin was at the center of a big scandal involving a theft and a well-known exchange. I hope this situation does not negatively affect the reputation of this project.

instant cost savings in a corporation, come in the form of layoffs.  however, that news will never be reported ,since its an internal company matter.

LOL. So, whenever you buy a coin, you can post what you bought and where, and we'll stay away

No seriously, sorry to hear you lost some of your coins. It's rough when it happens. It is unfortunately rather common at this stage in our industry. Hopefully things get better.

I honestly dont know how they found the funds, but in saying that, a huge percentage (at least 300M XEM) is theirs.
Perhaps the amount of XEM held by the members was alot less than we think?

Japan’s Financial Regulator Responds To Coincheck US$530M Hack

https://coinjournal.net/japans-financial-regulator-responds-coincheck-us530m-hack/


Japan’s Financial Services Agency (FSA) plans to take administrative actions against hacked cryptocurrency exchange Coincheck after the company announced the loss of 523 million units of NEM cryptocurrency (about US$530 million) from a hack.

The FSA suspects that a lack of proper security measures allowed hackers to steal a record haul of cryptocurrency on Friday, according to a report by Nikkei Asian Review.

The regulator will issue a business improvement order to Coincheck later on Monday and order the company to strengthen its safeguards to prevent a recurrence, Japan’s chief cabinet secretary Yoshihide Suga told a regular news conference.

The theft is said to be the biggest-ever losses of cryptocurrency to hackers. Coincheck halted withdrawals and trading in all cryptocurrencies on Friday, except bitcoin, and said in a statement that it would return the stolen money to the roughly 260,000 affected users. According to the announcement, the refund will be done using the company’s own capital. No date has been set yet for the payments or for a restart of trading on the platform, Coincheck’s chief operating officer Yusuke Otsuka told reporters.

Tracking the stolen funds

NEM Foundation interview Coincheck hack
NEM.io Foundation vice president Jeff McDonald interview with Inside NEM, Youtube
The NEM.io Foundation‘s vice president Jeff McDonald said in a statement on Sunday that the organization was “working on solutions to do the most we can to help Coincheck and also ensure the NEM community is protected.”

“We are currently reaching out to exchanges and exploring three different options,” McDonald said. “We also have a full account for all of Coincheck’s lost NEM cryptocurrency (XEM) on the blockchain. At this time, the hacker has not moved any of the funds to any exchange, nor to any personal accounts of NEM community members.”

The foundation said it was developing an “automated tagging system” to follow the stolen funds and tag any account that receives the tainted money.

In an interview with Inside NEM, McDonald said that when the stolen funds were moved out of Coincheck it appeared that the funds were stored in a hot wallet that had an exposed API and probably an exposed private key.

Coincheck should have used NEM’s multi-signature contract and cold storage to secure the funds, he said.

McDonald added that a NEM hard fork was out of the question. “A hard fork is not an option. The NEM protocol worked exactly as it was designed to work. It’s a terrible thing but I think if the funds were going to be returned that it would have to be the hacker returning the coins to Coincheck,” he said......