{"id":369896,"date":"2019-01-31T20:00:21","date_gmt":"2019-01-31T20:00:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=369896"},"modified":"2019-03-11T20:37:14","modified_gmt":"2019-03-11T20:37:14","slug":"hack-crypto-winter-nem-foundation","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/hack-crypto-winter-nem-foundation\/","title":{"rendered":"1-Month Left of Funding: Hack and Crypto Winter Deal NEM a Major Blow"},"content":{"rendered":"

The current bear market, or Crypto Winter as it is often referred to, has forced many solid projects to lay off employees and take a good hard look at their operational expenses and cash flow in order to make necessary changes to survive.<\/span><\/p>\n

One particular cryptocurrency had an especially bad year, and due to the impact of an extremely high-profile exchange hack<\/a> and the arduous bear market, the development team supporting the project is down to their final month of funding, and are throwing a Hail Mary in order to survive. <\/span><\/p>\n

NEM Foundation: \u201cOne Month Left in Funding\u201d<\/span><\/h2>\n

In a \u201cmessage to the community\u201d posted by the NEM Foundation<\/a> on the project developer\u2019s official forum, the team behind the NEM cryptocurrency revealed they were \u201cfacing challenging budget decisions.\u201d<\/span><\/p>\n

According to the post, the NEM Foundation<\/a> team has been meeting a few times per week since December after the bear market reached new lows<\/a>. The NEM Foundation devised a major restructuring of their C-level executive team, and required individual teams to begin reporting into the new executive structure with an added focus on \u201creporting metrics and delivering ROI.\u201d<\/span><\/p>\n

The NEM Foundation further explained that they were faced with the difficult reality of \u201chaving one month left in funding,\u201d and would be forced to \u201cput everything on hold,\u201d and wouldn\u2019t be able to \u201csupport\u201d the team\u2019s current \u201cheadcount,\u201d suggesting that layoffs are looming.<\/span><\/p>\n

Related Reading |\u00a0Crypto Exchanges Begin to Shutdown: Bear Market in Full Force<\/a><\/strong><\/em><\/p>\n

The NEM Foundation has a plan, though. They are proposing a new budget based on a reduced burn rate. The team claims that it will allow them to \u201cdeliver ambitious results with responsible use of reserves.\u201d<\/span><\/p>\n

\n

\u201cWe are in a tough spot like many others in this space. It is our duty to act quickly to ensure the longevity of the NEM Foundation ecosystem and development,\u201d the message revealed.<\/span><\/p>\n<\/blockquote>\n

https:\/\/twitter.com\/NEMofficial\/status\/80995584<\/p>\n

The NEM Foundation remains steadfast in their belief that they \u201ccan solve this.\u201d<\/span><\/p>\n

NEM Begins 2018 in Top Ten Crypto, Falls From Grace After Hack<\/span><\/h2>\n

Like the NEM Foundation, many others have suffered during the bear market. Ethereum-focused blockchain startup incubator ConsenSys<\/a> and even the billion-dollar Bitmain<\/a> were forced to lay off staff as a result of revenue streams drying up.<\/span><\/p>\n

However, NEM was hit especially hard during the 2018 bear market, and its extension into 2019 could deal a death blow to the project.<\/span><\/p>\n

The fall from grace began after Japanese cryptocurrency exchange Coincheck<\/a> was hacked, losing a record $530 million in NEM<\/a> tokens. The theft is the largest the industry has ever experienced, and set off a chain reaction of regulatory changes following the country\u2019s Financial Services Agency taking a closer look into exchanges in the region.<\/span><\/p>\n

Related Reading |\u00a0Japan\u2019s FSA Raids Coincheck Offices Following $500 Million Hack<\/a><\/strong><\/em><\/p>\n

According to a historical snapshot from CoinMarketCap from mid-January of last year, NEM ranked #7 in the top 100 cryptocurrencies by market cap, with a price of $1.07. Another snapshot taken just one month later shows the cryptocurrency had fallen out of the top ten with a price of $0.39. However, it\u2019s worth noting that most cryptocurrencies fell significantly that February.<\/span><\/p>\n

Today, NEM has fallen 96% to $0.04 and is at risk of its development team running out of funding. While the percentage decline is typical of most cryptocurrencies, NEM was hit particularly hard due to the Coincheck hack that set the tone for the future of the cryptocurrency.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The current bear market, or Crypto Winter as it is often referred to, has forced many solid projects to lay off employees and take a good hard look at their operational expenses and cash flow in order to make necessary changes to survive. One particular cryptocurrency had an especially bad year, and due to the impact of an extremely high-profile exchange hack and the arduous bear market, the development team supporting the project is down to their final month of funding, and are throwing a Hail Mary in order to survive. NEM Foundation: \u201cOne Month Left in Funding\u201d In a \u201cmessage to the community\u201d posted by the NEM Foundation on the project developer\u2019s official forum, the team behind the NEM cryptocurrency revealed they were \u201cfacing challenging budget decisions.\u201d According to the post, the NEM Foundation team has been meeting a few times per week since December after the bear market reached new lows. The NEM Foundation devised a major restructuring of their C-level executive team, and required individual teams to begin reporting into the new executive structure with an added focus on \u201creporting metrics and delivering ROI.\u201d The NEM Foundation further explained that they were faced with the difficult reality of \u201chaving one month left in funding,\u201d and would be forced to \u201cput everything on hold,\u201d and wouldn\u2019t be able to \u201csupport\u201d the team\u2019s current \u201cheadcount,\u201d suggesting that layoffs are looming. Related Reading |\u00a0Crypto Exchanges Begin to Shutdown: Bear Market in Full Force The NEM Foundation has a plan, though. They are proposing a new budget based on a reduced burn rate. The team claims that it will allow them to \u201cdeliver ambitious results with responsible use of reserves.\u201d \u201cWe are in a tough spot like many others in this space. It is our duty to act quickly to ensure the longevity of the NEM Foundation ecosystem and development,\u201d the message revealed. https:\/\/twitter.com\/NEMofficial\/status\/80995584 The NEM Foundation remains steadfast in their belief that they \u201ccan solve this.\u201d NEM Begins 2018 in Top Ten Crypto, Falls From Grace After Hack Like the NEM Foundation, many others have suffered during the bear market. Ethereum-focused blockchain startup incubator ConsenSys and even the billion-dollar Bitmain were forced to lay off staff as a result of revenue streams drying up. However, NEM was hit especially hard during the 2018 bear market, and its extension into 2019 could deal a death blow to the project. The fall from grace began after Japanese cryptocurrency exchange Coincheck was hacked, losing a record $530 million in NEM tokens. The theft is the largest the industry has ever experienced, and set off a chain reaction of regulatory changes following the country\u2019s Financial Services Agency taking a closer look into exchanges in the region. Related Reading |\u00a0Japan\u2019s FSA Raids Coincheck Offices Following $500 Million Hack According to a historical snapshot from CoinMarketCap from mid-January of last year, NEM ranked #7 in the top 100 cryptocurrencies by market cap, with a price of $1.07. Another snapshot taken just one month later shows the cryptocurrency had fallen out of the top ten with a price of $0.39. However, it\u2019s worth noting that most cryptocurrencies fell significantly that February. Today, NEM has fallen 96% to $0.04 and is at risk of its development team running out of funding. While the percentage decline is typical of most cryptocurrencies, NEM was hit particularly hard due to the Coincheck hack that set the tone for the future of the cryptocurrency.<\/p>\n","protected":false},"author":517,"featured_media":369912,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[5687,8303,6664,2276,10399,17200],"class_list":["post-369896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bear-market","tag-coincheck","tag-crypto","tag-hack","tag-nem","tag-nem-foundation"],"acf":[],"yoast_head":"\n1-Month Left of Funding: Hack and Crypto Winter Deal NEM a Major Blow<\/title>\n<meta name=\"description\" content=\"Developers of the NEM crypto are down to just one month left of funding after a long, arduous bear market and a high profile exchange hack in 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"1-Month Left of Funding: Hack and Crypto Winter Deal NEM a Major Blow","url":"http:\/\/uniquehot.com\/news\/hack-crypto-winter-nem-foundation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/hack-crypto-winter-nem-foundation\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/crypto-nem-shutterstock_792453070.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/crypto-nem-shutterstock_792453070.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bear market","coincheck","crypto","hack","nem","nem foundation"],"dateCreated":"2019-01-31T20:00:21Z","datePublished":"2019-01-31T20:00:21Z","dateModified":"2019-03-11T20:37:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"1-Month Left of Funding: Hack and Crypto Winter Deal NEM a Major Blow\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/hack-crypto-winter-nem-foundation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/hack-crypto-winter-nem-foundation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2019\\\/01\\\/crypto-nem-shutterstock_792453070.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2019\\\/01\\\/crypto-nem-shutterstock_792453070.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bear market\",\"coincheck\",\"crypto\",\"hack\",\"nem\",\"nem foundation\"],\"dateCreated\":\"2019-01-31T20:00:21Z\",\"datePublished\":\"2019-01-31T20:00:21Z\",\"dateModified\":\"2019-03-11T20:37:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/crypto-nem-shutterstock_792453070.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/369896"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=369896"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/369896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/369912"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=369896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=369896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=369896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}