![]() ![]() ![]() "The NEM team is 100% committed to the safety and security of the NEM community," the Foundation said in its statement. In its statement released after media reports, the Foundation added that it "will not be releasing further details on the detailed measures at this time" due to security concerns around these efforts.Īs long as those funds are off public exchanges they will be very difficult to liquidate, especially in large amounts.įollowing the theft last week, Coincheck had assured that it will reimburse its 260,000 investors for their stolen XEM, sending the value of the cryptocurrency to a temporary high. While the statements coming from the VP and the Foundation itself seem to be contradictory, the lack of clarity appears to be a decision made due to security concerns. But it does involve an automated system that will follow the coins and tag any accounts that receive the coins. The authorities involved led a detailed investigation but they were unable to retract the lost assets or the identities of those hackers. The identities of the hackers that breached the security system are still unknown. We also have other strategies that we cannot disclose fully at this time. Unknown hackers in Japan hacked into the Coincheck cryptocurrency exchange on Jan 26, 2018. Hackers stole US660 million worth of NEM (its native cryptocurrency). We tagged all the coins so anyone who attempts to purchase them will know they were stolen from Coincheck and should not be purchased. New risk rules for cryptocurrency exchanges will be put to the test with the latest hack on Japanese exchange Coincheck. Yusuke Otsuka, Coincheck’s chief operating officer, said on Friday that around 523 million NEM coins were sent from a NEM address at. In a statement to Forbes, McDonald added that they have "identified 10 different accounts the tokens went into." How Was Coincheck Hacked Many details are still unclear. NEM Foundation vice-president Jeff McDonald was reported by Reuters saying that the account owner has started to move these stolen coins to six exchanges where they could be sold or converted to other coins. Reports from Japan claimed yesterday that the Foundation has traced the stolen coins to an unidentified account. "None of the stolen funds have been sent to any exchanges." Contradictory statements suggest stolen Coincheck funds on the move, but no attempted transactions to exchanges Investigators in Japan are looking into the possibility that an overseas hacker group has gotten its hands on Coincheck’s encryption keys several days before the Japanese cryptocurrency exchange lost 523 million NEM tokens (XEM) from its hot wallet. "The decentralized NEM protocol is highly secure and is performing exactly as designed," the company said in a statement. The NEM Foundation, the creator of the XEM cryptocurrency, however, suggests that none of the stolen coins have been moved to exchanges. The 58 billion yen worth of XEM tokens are reportedly on the move according to a report by Reuters. One of Japan’s largest cryptocurrency exchanges has halted all withdrawals amidst rumors of a large-scale hack. In one of the biggest thefts of the industry, criminals stole over $530 million worth of XEM cryptocurrency in a hack of the Tokyo-based exchange Coincheck. ![]()
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