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   760

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 By this point, perhaps, already half of the stolen money has been withdrawn by the kidnappers in this way.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.

Coincheck to Receive FSA License

Coincheck exchange was hacked last January and $ 533000000 worth NEM stolen
11 January 2019   147

The Financial Services Agency of Japan allowed the Coincheck cryptocurrency exchange to continue its work, reports Cointelegraph.

Coincheck exchange was hacked last January. NEM cryptocurrency was stolen in the amount of 58 billion yen ($ 533 million) according to the price of that time. Soon after, the Japanese authorities began to tighten the regulation of the industry, and Coincheck became the property of the online broker Monex.

In December last year, it was reported that the Japanese regulator issued a license to Coincheck, as well as plans to resume the stock exchange. Against the background of these transformations, the marketplace improved the risk management system and gradually resumed the operation of services.