Coincheck Hackers Trying to Move Stolen Coins

NEM Foundation have traced the stolen coins to an unidentified account, and the account owner had begun trying to move the coins onto six exchanges
31 January 2018   471

Hackers who stole around $530 million worth of cryptocurrency from the Coincheck exchange last week are trying to move the stolen XEM coins, NEM Foundation said on Tuesday. This is reported by Reuters.

The Vice President of NEM Foundation Jeff McDonald said the company have traced the stolen coins to an unidentified account, and the account owner had begun trying to move the coins onto six exchanges where they could then be sold, adding that the foundation is contacting those exchanges.

NEM Foundation spokeswoman Alexandra Tinsman said the hacker had started sending out XEM coins to random accounts in 100 XEM batches, worth about $83 each.

When people look to launder these types of funds, they sometimes spread it into smaller transactions because it’s less likely to trigger exchanges’ anti-money laundering mechanisms.

 

Tom Robinson

Сo-founder of Elliptic, a cryptocurrency security firm in London

Robinson added that such hopping among different cryptocurrencies was becoming more prevalent among cybercriminals trying to cover their tracks.

The hackers stole around 5% of the total supply of XEM, the world’s 10th biggest cryptocurrency, according to Coinmarketcap. McDonald said the hackers were unlikely to try to spend anything close to all the stolen cryptocurrency at once, because the “market simply couldn’t absorb that much”.

If the hackers successfully moved the coins to an exchange, they were likely to try to swap them into another cryptocurrency before transferring the coins back into a conventional currency, McDonald said. That would make the funds difficult or near impossible to trace.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.