Receive all Bitcoinist news in Telegram!JOIN
Bitcoinist.com Logo $8377.15 $536.15 $0.70
HALF OF COINCHECK ’S STOLEN NEM MAY HAVE ALREADY BEEN LAUNDERED
ADAM JAMES · MARCH 19, 2018 · 9:30 AM
ALTCOIN NEWSBITCOIN EXCHANGEBITCOIN SECURITYNEWSNEWS TEASER
Hackers involved in the high-profile Coincheck heist earlier this year may have successfully converted half of the stolen NEM tokens into other digital currencies.
HUNG OUT TO DRY
As reported by Japan Today, hackers involved in the large-scale Coincheck heist may have utilized the anonymous “dark web” — which has proved troublesome to investigators trying to track the stolen cryptocurrency then valued at roughly $547 million.
According to a cybersecurity expert, hackers created a website on the dark web which allowed for the trading of digital currencies on February 7th. The conversion of NEM coins began immediately, and data illustrates that transactions are still being processed on said website — potentially making the stolen NEM all but untraceable.
money laundering
The Singapore-based NEM Foundation has been working overtime in efforts to track the stolen NEM, largely by flagging accounts suspected of being used for illicit transfers. While doing so, it has requested that all cryptocurrency exchanges deny transactions from flagged accounts.
Still, this process merely makes it more difficult for wrongdoers to launder the stolen NEM — as opposed to reclaiming it. Said Japan Digital Design Inc Chief Technology Officer Masanori Kusunoki:
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.
The report from Japan Today comes after BIG Blockchain Intelligence Group claimed that its Forensic and Investigations Division had successfully followed the laundered proceeds from the high-profile Coincheck hack to an exchange in Vancouver. Stated the company earlier this month:
BIG Blockchain Intelligence Group will compile the information gathered from its suite of proprietary technology search and data analytics tools into a comprehensive, official report outlining its forensic findings – for delivery to law enforcement agencies in Canada and the US.
Coincheck
Coincheck also began its promised reimbursement process last week, when the company paid out a total of $433 million USD to compensate 260,000 customers that stored NEM on the exchange.
Do you think those responsible for the Coincheck heist will ever be brought to justice? Let us know in the comments below!
Images courtesy of Bitcoinist archives, Coincheck.
COINCHECKCRIMEHACKMONEY LAUNDERINGNEM
SHOW COMMENTS
BitcoinAltcoinBlockchain
TOP VISA EXECUTIVE ATTACKS BITCOIN, BRAGS ABOUT HIS WEALTH
MASTERCARD OPEN TO CRYPTOCURRENCY, BUT THERE’S A CATCH
SOUTH KOREAN AUTHORITIES RAID THREE CRYPTOCURRENCY EXCHANGES
MT. GOX TRUSTEE WHO SOLD $400 MILLION BITCOIN DENIES AFFECTING MARKET PRICE
THE IRS ISN’T MAKING IT EASY FOR CRYPTOCURRENCY INVESTORS
HALF OF COINCHECK ’S STOLEN NEM MAY HAVE ALREADY BEEN LAUNDERED
MASTERCARD OPEN TO CRYPTOCURRENCY, BUT THERE’S A CATCH
FEDERAL TRADE COMMISSION FILES LAWSUIT, TARGETS ‘DECEPTIVE CRYPTOCURRENCY SCHEMES’
CRYPTO-FIAT FINANCIAL PLATFORM SAIFU TO MAKE USING CRYPTOCURRENCY AS EASY AS USING A TRADITIONAL ONLINE BANK ACCOUNT
MINGO ADOPTS THE NEXT GENERATION OF BLOCKCHAIN TECHNOLOGY FOR ITS THREE-IN-ONE APP USING HEDERA’S HASHGRAPH TECHNOLOGY
THERE IS MORE TO LIFE THAN ETHEREUM – DARCMATTER HAS TURNED TO NEM TO POWER ITS PROJECT
JAMES JONES – CEO AT CHARTBUSTER GAMES JOINS ZEROCOIN – CRYPTO CURRENCY FOR GAMBLING
NEWSLETTER SUBSCRIBE
For updates and exclusive offers
enter your email below.
BUY BITCOINS
FEATURED COMPANIES
PAYMENT GATEWAY
FOREX
EXCHANGES
CASINOS
ADVERTISING
FOLLOW US
20.3K
LIKE
38.2K
FOLLOWER
303
FOLLOWER
ADVERTISING
PRESS RELEASES
BLOCKCHAIN-BASED ERC20 TOKEN CREATION AND TRADING PLATFORM WANDX RELEASES DECENTRALIZED EXCHANGE
HORIZON PRE-ICO STARTING MARCH 19 – 60% DISCOUNT FOR INVESTORS
AS DAPPS LOOK SET TO HIT THE HEADLINES IN 2018 CRYPTOCARS SUPERCAR SMART CONTRACT GAME IS MAKING ALL THE RIGHT MOVES
VOTEM TO BE A FOUNDING MEMBER IN DEPT. OF HOMELAND SECURITY COUNCIL ON ELECTIONS
VISHAL KARIR JOINS ETHOS AS CHIEF INVESTMENT OFFICER FROM BLACKROCK
SUBMIT A PRESS RELEASE
ADVERTISING
logo
ABOUT US
CONTACT US
EDITORIAL POLICY
SITEMAP
JOBS
FORUM
ADVERTISE
© 2018 Bitcoinist.com. All Rights Reserved.