Coincheck To Be Sued By Traders

A group of traders will file a lawsuit against cryptocurrency exchange Coincheck  
13 February 2018   92

Ten cryptocurrency traders will file a lawsuit at the Tokyo District Court on Thursday, Feb. 15 over last month’s theft of $530 million (£382 million) in digital money.

After the last month’s hack, the crypto exchange lost $530 mln in NEM and had frozen all withdrawals.

According to the trader's lawyer, Hiromu Mochizuki, they will claim Coincheck to allow them to withdraw cryptocurrencies to wallets outside the exchange. The group of traders may launch a second lawsuit at the end of the month to claim for damages over the heist.

From Tuesday, Coincheck resumed yen-withdrawals. On Friday, Coincheck representatives said that it would allow customers to withdraw yen after confirming the integrity of its system security. Also, the exchange would keep restrictions on cryptocurrency withdrawals until it could guarantee the secure resumption of its operations.

White Hat Hackers to Search Crypto Stolen from Coincheck

The hackers helped to investigate the theft from the Tokyo-based exchange
22 February 2018   53

The White hat hackers have assisted authorities and encouraged others to join in providing aid. One of the hackers, known by the Twitter handle JK17 managed to identify the accounts that the stolen money was sent to shortly after the breach.

The NEM foundation was informed about that. Currently, the accounts has been marked and are being monitored. At the moment, the crypto have been moved to over 400 accounts including some owned by innocent holders. It was made in order to confuse trackers.

According to the report, more white hats hackers join the investigation. The hackers have been highly effective in locating and flagging the accounts where the stolen NEM has been moved to. Unfortunately, the owners of the accounts are not identified.

Police are trying to analyze access logs in Coincheck’s system in an attempt to identify the culprits but this process needs a lot of time. It is believed that, the stolen crypto have been exchanged for Bitcoin and other cryptocurrencies using the dark web.

However, the hacker’s help seems to be a positive side of this controversial sphere.

The incident has created a negative image of virtual currencies, but I believe they can make a huge difference in the way we transmit data and handle business.

White hat hacker