Coincheck stolen investigations1/7/2023 ![]() However, it is likely the hackers made far less than that figure, as evidence indicates the funds were likely laundered through dark web channels since the NEM Foundation and reputable cryptocurrency exchanges have been working together to blacklist the stolen funds. In that heist, $62 million in Bitcoin was stolen from a cryptocurrency mining service called NiceHash.The hackers behind the record-setting Coincheck theft have successfully laundered 40 percent of the approximately 500 million NEM tokens (XEM) they stole from the exchange in January, cybersecurity consultants say.Ĭiting research from Tokyo-based consultancy group L Plus, Nikkei reports that the hackers have laundered an estimated 200 million XEM, worth $79.3 million on the open market at the time of writing. Last month another large cryptocurrency heist was pulled off. ![]() The company admits that the worst-case scenario is that customers may never get their money back. ![]() The company has expressed a desire to refund all the money, but it seems unlikely, with the stolen funds worth hundreds of millions of dollars, that a refund will be possible. Coincheck has insisted that its "security standards were not low," despite the fact that reports indicate that other cryptocurrencies traded on the site are stored in multisig wallets. If they continue to 'trade' the same way knowing the murky nature of this market, they’re gambling."Ĭointelegraph reports that Coincheck was storing the NLM tokens in a simple "hot wallet" rather than a more secure multisig wallet. "The 'investors' that did not do due diligence and take time to understand what they’re trading in, both venue and subject matter, face unhedgable risks. "Caveat emptor," said Yvonne Zhang, who had spoken on a panel on the future of cryptocurrencies at an Association of Futures Markets conference in Bangkok on Friday. NEM Cryptocurrency value plummets on the news of the heist Japan required cryptocurrency exchanges to be licensed after the collapse of Mt. Japan's Financial Services Agency is also investigating the theft and issued a statement noting it was "looking into the facts surrounding Coincheck." Coincheck had applied to the agency to be licensed as an exchange and has been operating under the agency's rules putting the company under the supervision of the agency according to an official. But it is something we are investigating at the moment." We are tracing them and if we’re able to continue tracking, it may be possible to recover them. Coincheck co-founder Yusuke Otsuka said, "We know where the funds were sent. Since the heist, Coincheck has stopped trading in all tokens except Bitcoin, as the company says that it doesn't know how the NEM tokens were taken (sounds like a hack to us). However, Cointelegrpah reports a much higher number, claiming that 523 million NEM coins were taken with a market value of approximately $534 million. In total there were 500 million NEM tokens taken in the heist worth about $400 million, according to Bloomberg. The cryptocurrency stolen is called NEM, which is the tenth largest cryptocurrency in market value.
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