Asset Holders Reassured by NEM After Zaif Exchange Security Incident

Multi-signature technology adds second layer protection of XEM- and NEM-based holdings

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In the wake of the hack of the Zaif crypto exchange that occurred on Friday, September 14, the Foundation, creators of the peer-to-peer NEM blockchain platform for payments, messaging and asset making, announced that the NEM blockchain platform remains operational and secure. All NEM mobile wallets and NEM Nano wallets will also remain secure and undamaged.

Only Bitcoin, Bitcoin Cash (BCH) and MonaCoin (MONA) holdings were put in jeopardy in this hack. No NEM holdings are believed to be compromised at this time. NEM incorporates multi-signature technology, which acts as an added layer of security to protect the NEM cryptocurrency and blockchain from rogue hackers.

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“The Zaif hack is very regrettable. This is a reminder for the entire cryptocurrency community that it’s critical to implement proper security measures to protect 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 regulatory authorities’ investigation process, but users can rest assured that no NEM or Mosaic funds were compromised ”

Users can withdraw/deposit XEM, ETH, CMS:XEM and CMS:ETH. However, Zaif has stopped withdrawals and deposits for BTC, MONA, BCH and 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 in parallel to increasing security check measures and other server reconstruction.

NEM will continue to share updates with the community as more information becomes available.

Wieke Beenen

About Wieke Beenen

Writing has always been the red thread in my life. In the early 90's I attended the Journalism program at the School for Journalism in Utrecht and later the History and Journalism program at the RUG in Groningen. I spent a number of years working in the Caribbean boating industry as a first mate on several charter boats as well as in the island media writing about culture, flora and fauna. After moving back to the Netherlands I started my own translation business in 2005. After a short detour teaching kids English at several high schools, I'm now back doing what I like best, writing and editing content for Blockchain News.

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