NEM Foundation Stops Tracking Coincheck’s Stolen NEM Coins

Tracking Of Coincheck’s Stolen Coins Stopped By NEM Foundation As Hackers’ Account Hits Zero

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  • NEM Foundation stops Tracking Coincheck’s stolen NEM coins.
  • Coincheck’s stolen NEM transferred off hacker’s account.

Tokyo, Japan: The Coincheck Inc., the largest Japanese cryptocurrency exchange, which has its headquarters in Tokyo, was hacked on January 26 and NEM coins worth $530M were stolen away – a hack dubbed the biggest cryptocurrency hack in history. Earlier this month, a report came in from researchers that some of the $530M worth of NEM coins hacked from the exchange has been tracked to Canada. However, yesterday March 22 experts confirmed that all the stolen NEM coins(XEM) have been transferred out of the hackers’ account, according to a report from NHK World.

January 26, $530 million worth of NEM coins was hacked from Coincheck. On February 1, the Singapore-based NEM Foundation managed to establish that the stolen NEM coins were being moved to different addresses, though they could not ascertain the hackers’ physical location. Just a month later, experts claimed that the stolen coins were tracked to cryptocurrency exchanges in Canada and Japan.

According to NHK, on March 18, the NEM Foundation stopped tracing the stolen coins, this, however, accelerated the transferring of the currency. Experts stated that it is impossible to track the stolen NEM coins almost two months after the hack. Records of online transactions revealed that the balance of the wallet account believed to be used by the hackers is zero.

According to the new annual report of Japan’s National Police Agency, nothing less than $6.2 million of different digital currencies were stolen through frauds and hacks in 2017, excluding the $530 million Coincheck hack.

Earlier this month, Coincheck began repaying affected users as promised. Reimbursement is in Japanese Yen at a rate of 88.5 yen ($0.83) to one NEM coin.

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