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NEM [XEM] ends the hunt for stolen Coincheck tokens

Sthuthie Murthy



NEM [XEM] ends the hunt for stolen Coincheck tokens
Source: Pixabay

The biggest ever heist in cryptocurrency world’s history was the hack attack that Coincheck, a Japanese exchange fell prey to. There were a number of opinions and curiosity about what happened to the stolen coins. Some experts even claimed that the stolen NEM tokens are already converted on the DarkNet.

NEM foundation just announced that they will stop their efforts put to track those stolen coins from Coincheck. However, the reason for this sudden decision of quitting the hunt is unknown. They did not reveal any additional information about why this decision was made.

NEM [XEM], has been declining in its value and stands at $0.292 after falling by 6.14% since yesterday. The Foundation was founded to promote NEM cryptocurrency [XEM]. Coincheck is bearing accounts up to $550 million (58 billion yen) worth NEM. This foundation, based from Singapore developed a special technology to identify the accounts to which cryptocurrency was sent.

The foundation told Japan news on Tuesday that the efforts had given some “actionable information” to law enforcement authorities. As mentioned earlier, cyber experts have strong opinions that most of the coins are probably lost forever, traded through some site on DarkNet which is probably still in use to process transactions. A week after the hack attack, Masanari Kusunoki, Chief Technology Officer at Japan Digital Design claimed that the number of attempts made to trade cryptocurrencies on other exchanges was zero.

The trading exchange had filed an application last year with Japan’s FSA to register under the revised regulation regarding payment services in the country. The registration was postponed because of the attack earlier this year and Coincheck’s policies which allow customers to stay anonymous.

Coincheck had also announced a few days ago about the discontinuation of three top coins from its platform: Monero, ZCash, and Dash. Trading resumed earlier this week with customers not allowed to purchase XMR, ZEC, and DASH, but will be allowed to sell their assets at fixed rates.

Arthur, a Twitterati says:

“It is time to move on.”

Another investor comments:

“NEM is already dead. Just dead crypt currency.”

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.