White Hat Hackers to Search Crypto Stolen from Coincheck

The hackers helped to investigate the theft from the Tokyo-based exchange
22 February 2018   112

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

NEM Foundation to Stop Stolen Coincheck Coins Tracking

Organization said it had provided law-enforcement agencies with information from its investigations
22 March 2018   230

NEM.io Foundation, said it stops tracking the funds stolen from the Japanese exchange Coincheck. This is reported by Bitcoin. com

More than 500 million XEM were stolen from Coincheck in January this year. Soon after that, the developers of cryptocurrency provided a solution that allowed to assign the appropriate label to the stolen digital coins to track their further movements.

NEM.io Foundation announced that the information it gathered is sufficient to enable law enforcement agencies to move to more decisive action. The organization refused to explain why it decided to stop conducting its own investigation.

According to the information published in the Japan Times, most of the stolen XEM could already be laundered and, therefore, forever lost for investigation. The withdrawal of funds to other crypto-currencies and fiat takes place through a website in a darkweb, which, according to the information of the technical director of Japan Digital Design, Masanori Kusunoki, is still functioning.

Kasanori argues that it is becoming more difficult to find the stolen Crypto currency. Previously, the NEM.io Foundation reported that the cybercriminals did not attempt to sell the stolen crypto currency.