NEM community has reached out to the public and thanked them for standing by them through the hack and theft attacks earlier this year.
Beginning of this year, in Tokyo, Coincheck Inc. was the victim to hackers who broke into this exchange. This was recorded as one of the biggest heists in crypto markets history. This resulted in a loss of more than $500 million worth NEM coins, raising serious questions about the security of digital currencies in the world.
Coincheck recently dropped three big coins in the market from its list: Monero, ZCash, and Dash which is supposedly the hack attack effect. They have been working to distribute 46.6 billion Yen ($440 million) to about 260,000 of its customers who lost their XEM assets as a result of the theft. They are refunded at a rate of 88.549 Japanese yen per token as declared by the Coincheck team. This is close to three times XEM to what they had actually lost according to current market rates.
Two days ago, NEM.io Foundation had suspended the tracking mosaic used to monitor XEM movements from the theft. This is to reduce the hacker’s ability to liquidate stolen XEM. This is highly sensitive data and confidentiality is crucial which is why the team refused to release any more details.
As mentioned earlier, three major coins were chucked out from Coincheck while the Japanese exchange bore a loss of $550 million worth NEM. The trading platform realized the severity of risks involved.
There were opinions from cybersecurity experts that the stolen coins have already been converted on the darknet. According to the Chief Technology Officer at Japan Digital Design, Masanori Kusunoki, more than half the coins are probably converted into other digital coins or fiat cash already.
Masanori Kusunoki explains:
“Tracing the coins is getting difficult day by day. He believes the site is still being used for money laundering transactions. It is almost evident that we cannot block currency laundering just because all transactions are recorded. It’s becoming impossible to trace the NEM coins, he added.”
Alfred, a Twitter user says:
“Just disappointed, it is time to move on.”
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] Price Analysis: Coin reunites with the bull after escaping the bear trap
Bitcoin [BTC]: John McAfee predicts Bitcoin to breach the $1 million mark on 31 December, 2020
Bitcoin Cash [BCH] Price Analysis: Coin breaks resistance as bulls look to settle down
Bitcoin SV [BSV] Price Analysis: Coin ready for a bull run as markets move steadily
Litecoin [LTC] Price Analysis: Bulls set to take charge as coin recovers from earlier losses
Bitcoin [BTC] developer Jimmy Song lists 3 reasons why Bitcoin SV [BSV] is a “scam”
Bitcoin [BTC] among cryptocurrencies enabled by new debit card launched by Australian Crypto exchange
Bitcoin [BTC]: Mt Gox redemption plan demonstrates the power of open source network, says Brock Pierce
Nouriel Roubini says JP Morgan’s cryptocurrency JPM Coin is a joke; compares it to XRP
A New Generation of Crypto-Exchange: ALL IN ONE Crypto-Exchange
Ethereum [ETH] dApp users drop as EOS and Tron dominate the market
Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019
- Bitcoin Cash
Bitcoin Cash [BCH] support rolled out by Coinbase custodial wallet app
EOS and Litecoin [LTC] lead the charge as the cryptocurrency market continues to rise