Zaif Exchange Hack in Japan Provokes Security Caution From NEM

While the Japanese cryptocurrency exchange Zaif faces backlash following a Sept. 14 hack, the NEM.io Foundation, known for the NEM blockchain platform and XEM token, has reassured its asset holders that it remains unaffected.

The security rupture resulted in a theft of 6.7 billion yen, requiring the trading company to terminate its deposit and withdrawal platforms until a comprehensive investigation is performed.

In a statement, the company said it is pursuing the hack as a criminal case in cooperation with the Financial Services Agency, investigation authorities and the communications software company Kaichi Corporation.

"Currently, we are checking and strengthening security, rebuilding the server, etc., in order to restart the system of depositing/withdrawing virtual currency. We are committed to restoration as soon as possible, so please wait for a while. Moreover, I sincerely apologize for any inconveniences that may arise."

NEM Foundation spokesperson Alexandra Tinsman urged cryptocurrency companies within its community to operate only the proper security measures established, including "Multi-factor" authentication and hardware wallets.

BREAKING NEWS: Multi-signature technology ensures protection and integrity of $XEM- and #NEM-based holdings after #Zaif exchange security incidenthttps://t.

Registered in Singapore, the NEM blockchain platform is designed for enterprises built on an EigenTrust algorithm, a reputation system for peer-to-peer networks.

Because this market allows trade without third-party interruption, NEM practices multi-signature account contracts, encrypted messaging and customizable assets.

NEM commissions a more mindful approach that deters serial miners by giving users POI tools to dictate who accesses their block for mining.

"Come rain or shine, we continue to work on building on the strength of the NEM blockchain, and it can only keep going stronger. The XEM trading exchange has had a wake-up call to double-check security measures and deploy all necessary security mechanisms moving forward. Together, we can continue to create a robust ecosystem for the future."