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NEM coins stolen from Coincheck exchange vanished in dark web

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6 months ago
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All the NEM coins stolen from the Japanese crypto-exchange Coincheck Inc., worth about $550 million, have been transferred to different accounts and wallets in the dark web and supposedly lost forever.

Experts claim that the large amount of money may have been moved to Canada, China and Japan where hackers have exchanged or cashed it out.

Masanori Kusunoki, Chief Technology Officer at Japan Digital Design, said that stolen cryptos were laundered in the so-called “dark web”. The balance of the account that has allegedly been used by hackers is empty. The page of the exchange website then switched to an image of North Korean supreme leader Kim Jong Un grinning in front of piles of cash, according to security expert Takayuki Sugiura.

Rights after the heist, vice-president of the Singapore-based NEM Foundation said they managed to track hackers down to their anonymous addresses. He intended to prevent the conversion of NEM coins to other currencies in order to get them back. However, few weeks later the fund announced that it had officially stopped tracking money stolen from Coincheck. The organization claimed it had already provided law enforcement authorities with “actionable information” from its inquiries. Due to this announcement, the withdrawal of stolen coins may have actually accelerated.

Earlier, on January 26, the Japanese crypto-exchange Coincheck reported hacking. The Japanese exchange lost some ¥58 billion worth of NEM (about $550 million). Experts say further investigation and tracking the coins down has become nearly impossible about 2 months after the heist.