NEM Foundation has stopped tracking Coincheck Hackers

Stolen NEM coins cannot be traced

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Coincheck suffered on of Cryptocurrencies biggest hacks on January 26th. The exchange company lost more than $530 million of NEM. Soon after the hack, the exchange in collaboration with cybersecurity experts started looking for the hackers in an attempt to recover some of the stolen NEM. The experts have now confirmed that all the NEM coins that were stolen from the Japanese exchange have been transferred out of the hackers’ accounts.

On Feb 1st NEM foundation which is based in Singapore reported that the hackers were in the process of moving the stolen coins to other accounts and that it was unable to detect the hackers’ physical addresses. These was before the coins were detected on several exchanges in Japan and Canada.

NEM Foundation has now stopped tracking the coins as experts advised that it was impossible to track the coins two months after the crime took place. The account believed to have been used during the hack now reads zero meaning that all the coins have already been transferred from that account.

A recent report from Japan’s National Police agency shows that more than $6.2 million of several digital currencies were lost in 2017 in either hacks or fraud. This report did not include the $530 million hack of Coincheck. This comes barely a week after Cryptona reported that Coincheck has stopped supporting ZCash, Monero, and Dash because they are highly anonymous.

Since the start of this month, Coincheck has been refunding all the stolen NEM back to their users. The exchange is refunding at the rate of $0.83 per one NEM coin. There was a major setback to the exchange after suffering the biggest hack in history. At the time of the hack, Coincheck was not registered with Japanese authorities and regulators something which saw Japanese authorities start cracking down all the unregistered exchanges.

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