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Author Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs  (Read 2914885 times)
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suky321
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January 26, 2018, 01:47:02 PM
 #35341

"As far as NEM is concerned, tech is intact. We are not forking. Also, we would advise all exchanges to make use of our multi-signature smart contract which is among the best in the landscape. Coincheck didn't use them and that's why they could have been hacked. They were very relaxed with their security measures,"

Lon Wong, President of the NEM.io Foundation

Doesn’t really matter what the truth is, the crypto world is stupid and will read this as flaws with NEM’s product.

Depressing, going to take a long time to recover from this.

Hacker accounts will be blacklisted by exchanges, his XEM will be useless.

Consider those XEM as burned; the remaining, in the log run, will gain from this hack.


The accounts with the allegedly stolen funds have been tagged with a non-transferable mosaics already to do exactly that.

Mosaic: mizunashi.coincheck_stolen_funds_do_not_accept_trades:owner_of_this_account_is_hacker
Mosaic: gox:hackers_address
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January 26, 2018, 01:49:24 PM
 #35342

"As far as NEM is concerned, tech is intact. We are not forking. Also, we would advise all exchanges to make use of our multi-signature smart contract which is among the best in the landscape. Coincheck didn't use them and that's why they could have been hacked. They were very relaxed with their security measures,"

Lon Wong, President of the NEM.io Foundation

Doesn’t really matter what the truth is, the crypto world is stupid and will read this as flaws with NEM’s product.

Depressing, going to take a long time to recover from this.

Hacker accounts will be blacklisted by exchanges, his XEM will be useless.

Consider those XEM as burned; the remaining, in the log run, will gain from this hack.


The accounts with the allegedly stolen funds have been tagged with a non-transferable mosaics already to do exactly that.

Mosaic: mizunashi.coincheck_stolen_funds_do_not_accept_trades:owner_of_this_account_is_hacker
Mosaic: gox:hackers_address

New to NEM
Curious how the mosaic works, is there a laymen explanation somewhere?
Like can the hacker not just transfer to a friends account and then to exchange?
or do wallets also check for that mosaic?
thanks in advance for explanations
suky321
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January 26, 2018, 02:04:34 PM
 #35343

"As far as NEM is concerned, tech is intact. We are not forking. Also, we would advise all exchanges to make use of our multi-signature smart contract which is among the best in the landscape. Coincheck didn't use them and that's why they could have been hacked. They were very relaxed with their security measures,"

Lon Wong, President of the NEM.io Foundation

Doesn’t really matter what the truth is, the crypto world is stupid and will read this as flaws with NEM’s product.

Depressing, going to take a long time to recover from this.

Hacker accounts will be blacklisted by exchanges, his XEM will be useless.

Consider those XEM as burned; the remaining, in the log run, will gain from this hack.


The accounts with the allegedly stolen funds have been tagged with a non-transferable mosaics already to do exactly that.

Mosaic: mizunashi.coincheck_stolen_funds_do_not_accept_trades:owner_of_this_account_is_hacker
Mosaic: gox:hackers_address

New to NEM
Curious how the mosaic works, is there a laymen explanation somewhere?
Like can the hacker not just transfer to a friends account and then to exchange?
or do wallets also check for that mosaic?
thanks in advance for explanations


Looking on the blockchain, the alleged funds have been moved to a few other accounts but are frozen and non-transferable and are still remaining in the account they've been transferred to.

Mosaics are assets you can create in the block chain. The nem.xem mosaic is a special mosaic that is equivalent to the xem in the system.

https://nem.io/technology/
https://nemlibrary.com/documentation/mosaic/

fragout
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January 26, 2018, 02:14:55 PM
 #35344

Whats the hackers address?
Feel sry for the coincheck users. I didn't realise they were the biggest trader of NEM or at least the biggest holder.
Fork would be a very bad idea though and it looks like they are not considering it
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January 26, 2018, 02:19:19 PM
 #35345

"As far as NEM is concerned, tech is intact. We are not forking. Also, we would advise all exchanges to make use of our multi-signature smart contract which is among the best in the landscape. Coincheck didn't use them and that's why they could have been hacked. They were very relaxed with their security measures,"

Lon Wong, President of the NEM.io Foundation

Doesn’t really matter what the truth is, the crypto world is stupid and will read this as flaws with NEM’s product.

Depressing, going to take a long time to recover from this.

Hacker accounts will be blacklisted by exchanges, his XEM will be useless.

Consider those XEM as burned; the remaining, in the log run, will gain from this hack.


The accounts with the allegedly stolen funds have been tagged with a non-transferable mosaics already to do exactly that.

Mosaic: mizunashi.coincheck_stolen_funds_do_not_accept_trades:owner_of_this_account_is_hacker
Mosaic: gox:hackers_address

New to NEM
Curious how the mosaic works, is there a laymen explanation somewhere?
Like can the hacker not just transfer to a friends account and then to exchange?
or do wallets also check for that mosaic?
thanks in advance for explanations


Looking on the blockchain, the alleged funds have been moved to a few other accounts but are frozen and non-transferable and are still remaining in the account they've been transferred to.

Mosaics are assets you can create in the block chain. The nem.xem mosaic is a special mosaic that is equivalent to the xem in the system.

https://nem.io/technology/
https://nemlibrary.com/documentation/mosaic/




But doesnt it mean the mosaic is optional to check? So if a exchange like coincheck doesnt use it, the hacker could still transfer the coins?

or is it like fix rule now in the nem economy (like a smartcontract) that prevents transfer of those coins forever?
abaumgar
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January 26, 2018, 02:25:26 PM
 #35346

The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?
smart757
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January 26, 2018, 02:58:29 PM
 #35347

The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?

Bittrex wallet down now too? This is not good.. not good at all.
fragout
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January 26, 2018, 03:00:14 PM
 #35348

The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?

Maintenance until they figure out what went wrong with coincheck. Makes sense. Or else they are scrambling to enable multisig which apparently coincheck didn't bother to.

Update :

NEM + Coincheck are working together to track + flag the hacked wallets + related accounts with the objective of tracing the ultimate owners of the suspected wallets. NEM is identifying + flagging suspected wallets holding the stolen funds + sending info to exchanges. More soon.
nemwanderer
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January 26, 2018, 03:00:34 PM
 #35349

The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?

Bittrex wallet down now too? This is not good.. not good at all.

What on earth is happening here? If this continues NEM will enter a free fall it won’t come back from.
abaumgar
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January 26, 2018, 03:03:09 PM
 #35350

The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?

Bittrex wallet down now too? This is not good.. not good at all.

What on earth is happening here? If this continues NEM will enter a free fall it won’t come back from.

I don't think so, it's likely just a security measure.
fragout
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January 26, 2018, 03:05:23 PM
 #35351

The XEM wallet at bittrex is on "Automated Maintenance".
How do other (your) exchanges handle it? I'm just curious.
Are there estimates how long they will have their wallets on maintenance?

Bittrex wallet down now too? This is not good.. not good at all.

What on earth is happening here? If this continues NEM will enter a free fall it won’t come back from.

Try reading a few posts above. Its not all bad (except for coincheck users) as it looks like 500 million NEM might be as good as burned.
suky321
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January 26, 2018, 03:11:45 PM
 #35352

Bittrex is still allowing trading for XEM already within the exchange, but the wallet is on automatic maintenance along with 5 other coins.

I guess this is a precautionary measure.

Of course, this is pure speculation until we hear the facts.
smart757
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January 26, 2018, 03:12:18 PM
 #35353

Lets say for the sake of argument it is determined that the exchange is at fault here, not nem.
Then what? No hard fork leaves a bunch of pissed off users... Forking leaves a bunch pissed off as well.

This is bad all the way around. In any case, we just took a big kick to the balls that will take forever to recover from, if ever.
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January 26, 2018, 03:15:23 PM
 #35354

Lets say for the sake of argument it is determined that the exchange is at fault here, not nem.
Then what? No hard fork leaves a bunch of pissed off users... Forking leaves a bunch pissed off as well.

This is bad all the way around. In any case, we just took a big kick to the balls that will take forever to recover from, if ever.

This things like this happens, now is the time to show our support buying more NEM  Wink
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January 26, 2018, 03:19:20 PM
 #35355

What on earth is happening here? If this continues NEM will enter a free fall it won’t come back from.

For someone with a 3c buy in you're awfully twitchy.

Those coins are toast. No exchange will touch them. There's no such thing as XEM mixing. They'll be forever marked. The only way they could be sold would be OTC and whoever bought them would still have permanently tainted coins that no one else would touch.

tbandy
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January 26, 2018, 03:21:47 PM
 #35356

Lets say for the sake of argument it is determined that the exchange is at fault here, not nem.
Then what? No hard fork leaves a bunch of pissed off users... Forking leaves a bunch pissed off as well.

This is bad all the way around. In any case, we just took a big kick to the balls that will take forever to recover from, if ever.

Well as far as I understand there is not officially confirmed it's just rumors, in the worst case scenario is like @fragout said Nem will have to burn some coins but
At the end you will not loose your investment  Wink
DogeMajestic
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January 26, 2018, 03:34:36 PM
 #35357

Hacker accounts will be blacklisted by exchanges, his XEM will be useless.

I do not believe any human will or would be able to contact all places trading XEM before said coins are moving? (if true what I'm reading here - that there are stolen funds)

edit
Wow
Lon Wong has appeared to confirm Coincheck was hacked, calling the stolen funds "the biggest theft in the history of the world."

Don't accept the scams
gentlemand
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January 26, 2018, 03:38:05 PM
 #35358

I do not believe any human will or would be able to contact all places trading XEM before said coins are moving? (if true what I'm reading here - that there are stolen funds)

There aren't many XEM exchanges. All of them will have contacts with the NEM foundation. They would've needed to be to create their back end stuff. A few messages will lock the hacker out of all exchanges.

DogeMajestic
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January 26, 2018, 03:51:01 PM
Merited by iCEBREAKER (2)
 #35359

I do not believe any human will or would be able to contact all places trading XEM before said coins are moving? (if true what I'm reading here - that there are stolen funds)

There aren't many XEM exchanges. All of them will have contacts with the NEM foundation. They would've needed to be to create their back end stuff. A few messages will lock the hacker out of all exchanges.

Oh I see. Then again, if true, that is a dangerous level of centralization.

Don't accept the scams
LiteMag
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January 26, 2018, 04:04:14 PM
 #35360

So how was this exchange hacked? And why were all coins on one SINGLE Wallet? Does that mean every Wallet could also be hacked only because they have no multi-signature on? That would not be good.
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