Coincheck Hackers Have Successfully Sold Majority of the $550 Mln Stolen NEM: Report

Coincheck Hackers Have Successfully Sold Majority of the $550 Mln Stolen NEM: Report

General Uncategorized
March 27, 2018 by Bitzamp
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Most of the stolen NEM coins from the $550 million Coincheck hack appears to have been completely laundered through the Dark Web, according to a Nikkei report. An analysis of online transaction records for the cryptocurrency NEM provided by a Tokyo-based cybersecurity firm L Plus, confirmed that the website setup to trade the stolen NEM
Coincheck hackers successfully sold majority of stolend em funds

Most of the stolen NEM coins from the $550 million Coincheck hack appears to have been completely laundered through the Dark Web, according to a Nikkei report.

An analysis of online transaction records for the cryptocurrency NEM provided by a Tokyo-based cybersecurity firm L Plus, confirmed that the website setup to trade the stolen NEM coins via the Dark Web was showing zero balance as of Thursday evening.

Immediately after the theft on January 26, part of the stolen NEM was transferred to an unrelated third-party digital wallet, the cybersecurity company revealed in its analysis. About 40% of the funds had already been cleared as of Mid-March.

The cybersecurity revealed that the hackers increased their pace after the announcement of the NEM Foundation that the Singapore-based nonprofit organization for the development and promotion of the NEM cryptocurrency had ended its tracking of the stolen funds. Meanwhile, Tokyo’s Metropolitan Police Department had set up a team of about 100 personnels in late February to investigate the crime .

Currently, the hackers may seek to cashout the stolen funds which is now spread out to a number of digital wallets in various cryptocurrencies. This trade is expected to take place in overseas exchanges that do not adhere to stringent know-your-customer (KYC) or ID norms.

In the meantime, the Tokyo-based exchange has resumed trading and is working on its promise to reimburse the affected NEM holders. Coincheck started to distribute reparations in Japanese Yen to affected users on March 12.

 


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