NEM discontinues tracking the lost fortune stolen from Coincheck
In a recent event, the NEM foundation has announced that it will no longer trace any stolen coins from the Japanese stock exchange Coincheck. The Singaporean foundation said that it provided all the necessary information to the law-enforcement agencies and now wishes to stop the investigation. The Japanese exchange where the hacking occurred, lost approximately ¥58 Billion ($ 50 Million USD) in January, 2018. Masanori Kusunoki, Chief Technology Officer at Japan Digital Design believes that the lost currency has been laundered through a website on the Darknet market. Also, the website is still active and processing transactions. For weeks now Coincheck has been trying to recover from one of the biggest hacks ever and is in the process of refunding. Till now the exchange has refunded approximately ¥46.6 billion ($440 million) to 260,000 customers affected in the event.
The registration process of the trading foundation has been postponed due to the attack in January which was initiated in September 2017. The foundation has already filed an application at Japan’s Financial Services Agency (FSA) but now has to wait for further developments to take place. Another reason for this delay is also because of the exchange’s anonymity policy for customers.
According to the Japanese media report, Coincheck has decided to discontinue trade in some cryptocurrencies providing high rates of anonymity like Monero, Zcash, and Dash. The exchanges understand the risk associated with the anonymity policy of these currencies and do not wish to take any risks further. The customers also cannot purchase XMR, ZEC, and Dash but the exchange will allow the customers to sell their coins at a fixed market rate.
The exchange resumes back on Monday 26th March and it will be interesting to see how the exchanges jump back on its feet and what measures it brings in to avoid such mishaps to occur again in the future.
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