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   407

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 By this point, perhaps, already half of the stolen money has been withdrawn by the kidnappers in this way.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 to Invest $120k in Malaysian Blockchain Startups

NEM in Malaysia will be engaged in the promotion of blockchain start-ups, as well as helping companies integrate DLT into their projects
05 July 2018   152

The NEM.io Foundation has opened a blockchain centre in Malaysia. The company allocated $ 120,000 to develop projects based on DLT in the country. This is reported by Ethereum World News.

The NEM Malaysia Center will be engaged in the promotion of blockchain start-ups, as well as helping companies integrate distributed ledger technology into their projects. NEM.io Foundation hopes to popularize its own XEM cryptocurrency in the region.

The task of the headquarters also includes informing the population about the features of the blockchain.

There is not enough understanding and (not enough) people who know how to use the technology to build up solutions for companies to solve some of the world’s problems. I think the mindset still remains the biggest challenge. For example, people may think it is complicated because of the buzzwords or more specific terms that are used.

Stephen Chia

Local Head, NEM.io Foundation

In March NEM.io Foundation and Tech Bureau announced the launch of the closed beta testing of the Catapult engine.