50% of Stolen Coincheck's Coins Can Be Laundred Already

Expert believes that hackers involved in the Coincheck heist earlier may have successfully converted half of the stolen NEM into other cryptocoins
19 March 2018   1239

Hackers who participated in the large-scale theft of Coincheck used "dark web" to withdraw stolen funds. According to experts on cybersecurity, hackers created a website in the "dark web", which began trading in crypto-currencies on February 7. By this point, perhaps, already half of the stolen money has been withdrawn by the kidnappers in this way. This is reported by Bitcoinist.

At the same time, the site immediately began converting NEM coins and continues to this day. The Singapore NEM Foundation is constantly working to track stolen NEMs, mainly by marking accounts that are supposed to be used for illegal transactions.

The exchangers sent requests with the requirements of the deviation of transactions from the marked accounts.

It has become evident we cannot block currency laundering just because all transactions are recorded. Exchange operators need to make prior agreements on the handling of stolen virtual coins.

Masanori Kusunoki

Chief Technology Officer, Japan Digital Design Inc

Masanori Kusunoki said this while the BIG Blockchain Intelligence Group stated that its Forensic and Inquiry Department followed transactions with stolen coins to an exchanger in Vancouver. The results of its activities BIG Blockchain Intelligence Group will send to the police of Canada and the United States.

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   1148

The NEM Foundation, a community-sponsored nonprofit organization to promote the blockchain of NEM is planning a massive downsizing of its staff, which currently has 150 people. This is reported by CoinDesk.

It is assumed that these steps are associated with a significant reduction in the budget and the forthcoming restructuring of the organization based in Singapore.

Thus, the newly elected president of the NEM Foundation, Alex Tinsmen, announced plans to send a request to the NEM public fund for the allocation of 160 million XEM tokens (about $ 7.5 million), which should help save the organization from bankruptcy.

Basically we realized we had a month to operate, due to the mismanagement of the previous governance council.

Alex Tinsman

President, NEM Foundation

After the request for the allocation of the specified amount is made officially, all 202 members of the fund will be invited to vote for it. The scale of the cuts will depend on the amount of funding approved, Tinsman added.

According to her, the NEM Foundation spent about 80 million XEM from December 2017 to January 2019 primarily on marketing.

We’ve reduced marketing activities because it doesn’t make sense to market a product [Catapult] that isn’t out yet.

Alex Tinsman

President, NEM Foundation

In particular, Alex Tinman refers to the blockchain engine Catapult. Its full-featured release was announced back in May last year.

NEM developers and users who wish to remain anonymous also state that the organization’s previous president, Lon Wong, used his position to promote questionable ICOs. As a result of these actions, he allegedly undermined community confidence.

According to Tinsman, a very strict budget policy will be respected under the roadmap for 2019. It is assumed that each team will be allocated a limited budget, there will also be requirements for public disclosure of documentation describing the tools they develop for the NEM ecosystem.

It is also planned to monetize the activities of the NEM Foundation by educating corporate users and affiliate marketing. This is expected to help reduce the organization’s dependence on community funding.