Coincheck Hackers Tried to Move the Stolen Cryptocurrency

The NEM Foundation tracked the stolen funds for a total of 58 billion yen ($ 533 million) in XEM-equivalent to an anonymous address. The intruders began to withdraw money directly to six crypto-exchanges.

The organization stressed that hackers send 100 XEM to numerous and unrelated addresses in order not to provoke activation of AML-mechanisms on crypto-exchanges.

“[The hackers are] trying to spend them on multiple exchanges. We are contacting those exchanges,” told Singapore-based McDonald.

The stolen funds made up approximately 5% of the total supply of XEM, which, according to McDonald, makes sales impossible on such a scale because of the market’s inability to “absorb such a quantity.”

However, the XEM rate has been in a downward trend for several days on expectations of a large sell-off from hackers. In addition, it is negatively affected by the news about the judicial summons received by Bitfinex and Tether Ltd from the US Futures Trading Commission (CFTC).

At the moment, NEM is trading around $ 0.76 according to the analytical resource CoinMarketCap.


On Friday, January 26, representatives of Coincheck confirmed a large-scale attack and theft of $ 530 million in NEM-equivalent.


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