NEM Reassures Asset Holders after Zaif Exchange Security Incident

First appeared on Medium

SINGAPORE / TOKYO — September 20, 2018 — The NEM.io Foundation, creators of the peer-to-peer NEM blockchain platform providing payments, messaging, asset making and more, today announced that the NEM blockchain platform itself remains secure, and all NEM mobile wallets and NEM Nano wallets also remain secure and intact, in the wake of the hack of the Zaif crypto exchange that occurred on September 14.

While NEM is traded on Zaif, only Bitcoin, Bitcoin Cash (BCH) and MonaCoin (MONA) holdings were stolen in this hack. No known NEM holdings are believed to be affected at this time. NEM also incorporates multi-signature technology that makes it harder for the NEM cryptocurrency and blockchain to be compromised by rogue hackers.

“The Zaif hack is most unfortunate. We want to remind the entire cryptocurrency community to practice proper security measures to protect their funds. This includes using multi-factor authentication and hardware wallets,” commented Alexandra Tinsman, Global Spokesperson for the NEM Foundation.

“Anyone trying to withdraw cryptocurrency from Zaif right now will find it’s temporarily suspended as Zaif goes through the regulatory authorities investigation process.”

Users can withdraw/deposit XEM, ETH, CMS:XEM and CMS:ETH. However, Zaif has stopped withdrawals and deposits for BTC, MONA, BCH, CounterParty tokens (ZAIF, XCP, BCY, SJCX, FSCC, PEPECASH, CICC, NCX). Zaif has also contacted the Bureau of Finance and investigative authorities regarding these issues. The Zaif team is working toward rebooting its servers parallel to increasing security check measures and other server reconstruction.

The NEM team will continue to update the community as it learns more.