Coincheck Hackers Have Already Laundered 40% of 500 Million Stolen NEM

Coincheck Hackers Have Already Laundered 40% of 500 Million Stolen NEM
Mar 13, 2018 03:02 AM By: Guest Author | 11899 Views

Hackers following the record-setting Coincheck offense have successfully reached 40 % of the approximately 500 million NEM tokens (XEM) they excluded from the exchange in January, cybersecurity consultants state.

Citing analysis from Tokyo-based consultancy group L Plus, Nikkei states that the hackers have washed an estimated 200 million XEM, worth $79.3 million on the open sale at the time of writing.

But, it is expected the hackers made far less than that amount, as data designates the funds were likely washed in dark web channels because the NEM Foundation and popular cryptocurrency exchanges have been going together to exclude the stolen funds.

The Tokyo Metropolitan Police Department has reportedly engaged about 100 police administrators to evaluate the Coincheck hack, and this task force has recognized suspicious movement at the exchange in the weeks heading up to the theft.

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Obviously, the hackers infiltrated Coincheck’s servers by hacking an employee’s email account, following which they were authorized to gain access to the private key to the platform’s NEM hot wallet, from which they stole 500 million XEM — worth $530 million at the moment of the hack but just $198 million today.

An unnamed source familiar with the search said Nikkei that the laundered funds, which have mostly been traded for Bitcoin, will likely ultimately be converted into fiat currency. It is unclear whether any of stolen funds have now been cashed out.

The name of the hackers also remains a mystery, although previous reports have stated that the attack bore connections to cyber attacks that have been connected to North Korean state-sponsored hackers.

Japanese financial regulators have ramped up their oversight of cryptocurrency exchanges in answer to the hack, and the country’s licensed trading platforms have stated that they will form a self-regulatory body that, if passed by the government, will have pressure power over its members.

As some news channel reported, Coincheck plans to resume trading this week following a government-mandated overhaul of its security systems.

The exchange will also start repaying the expected 260,000 customers who lost funds as the result of the hack. Very, users will be paid in fiat at a rate of nearly 89 JPY (~$0.83) per token, which is more than twice the present XEM/JPY exchange rate.

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