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The NEM Foundation challenges the hunt for stolen coins from $ 530 million Coincheck Hack

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The NEM Foundation has canceled the search for more than 500 million stolen XEM tokens in relation to a record robbery at Coincheck cryptocurrency exchange, as cybersecurity experts believe that most or all of the funds have been laundered by hackers.

In a statement dated March 19, the NEM Foundation revealed that it had disabled the tracking mosaic that had been assigned to the hacker's accounts in February to help law enforcement and the NEM community. to track funds – $ 530 million from hacking – and prevent them from being laundered through reputable trading platforms.

From the declaration:

"Effective March 18, the Foundation deactivated the tracking mosaic that was put in place to monitor the Coincheck flight's XEM movement, which was effective in reducing the pirate's ability to liquidate the stolen XEM and provided the law enforcement with actionable information.We do not plan to disclose further details because of the sensitive nature of this investigation. "

Earlier this month, CCN reported that hackers had laundered at least 40 percent of stolen funds, mostly through dark canals, and that the coins had been traded to Japan, Canada, and China.

However, money launderers have accelerated their past in recent weeks, and on Thursday, Japanese public broadcaster NHK World reported that all stolen XEMs appear to have been transferred from hacker-owned accounts . This probably indicates that hackers have laundered funds.

It is unclear whether the NMS mosaic tracking system has been successful in helping law enforcement agencies seize stolen funds, and the Foundation has stated that it will not discuss it. not because of the "sensitive" nature of the ongoing investigation.

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Two months have passed since the theft, but the individual or group behind the hack is still a mystery. South Korean intelligence officials have identified parallels between the methodology of the attack and piracy attributed to the North Korean government, but no author has been formally accused by the North Korean forces. ;order.

Image from Shutterstock .
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