Threat Management, Threat Management

Report: Coincheck cyberthieves attempting to move, sell off NEM cryptocurrency

The developers of NEM (or XEM) cryptocurrency claim they have traced $533 million in digital coins stolen from hacked crypto exchange Coincheck to an anonymous account whose owners are trying to move the money around, according to a Reuters report.

Jeff McDonald, vice president of the Singapore-based NEM Foundation, told Reuters that the anonymous account owner ad begun trying to move the coins onto six exchanges where they could then be sold off. Additionally, NEM Foundation spokeswoman Alexandra Tinsman also reportedly said that the culprit started sending out XEM coins to random accounts in batches of 100 XEM. 

After falling victim to one of the largest crypto-heists in history, Tokyo-based Coincheck on Sunday reportedly told customers it would be repaying them about 90 percent of the funds that were stolen in the form of Japanese yen. The location of the hackers' account remains unknown. 

Bradley Barth

As director of multimedia content strategy at CyberRisk Alliance, Bradley Barth develops content for online conferences, webcasts, podcasts video/multimedia projects — often serving as moderator or host. For nearly six years, he wrote and reported for SC Media as deputy editor and, before that, senior reporter. He was previously a program executive with the tech-focused PR firm Voxus. Past journalistic experience includes stints as business editor at Executive Technology, a staff writer at New York Sportscene and a freelance journalist covering travel and entertainment. In his spare time, Bradley also writes screenplays.

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