In fact, prosecutors stated that the suspects converted hacked NEM coins stolen from Coincheck, making it easy to identify all the individuals. Police revealed that cyber-investigators traced accounts involved in the illicit transactions to “conventional” crypto exchanges. However, Kyodo confirmed that all 30 people were arrested and are now under police custody, citing sources familiar with the matter. Initially, Nikkei reported that the suspects were either arrested or their cases have been referred to the prosecutors’ office. Illicit Transactions Are Estimated to Have Totaled Over $96 Million Tokyo authorities traced all individuals’ transactions to different places across the nation. The post Coincheck’s $534M of Stolen NEM Found By Blockchain Forensics Firm appeared first on police charged 30 people for their alleged involvement in illegal transactions linked to the well-known $530 million Coincheck hack in 2018. Images courtesy of Bitcoinist archives, Wikipedia Commons, Shutterstock What do you think about BIG successfully tracking Coincheck’s stolen funds to an exchange in Vancouver? Let us know in the comments below! Though cryptocurrency has largely been founded around the principles of decentralization and deregulation, forensic-level watchdogs like BIG may help ensure large-scale cryptocurrency heists are a thing of the past. The engine allows for forensic-level tracing, tracking, and transaction monitoring. It has developed a cryptocurrency agnostic search and analytics engine which helps government agencies and law enforcement officials hunt down cyber criminals in the crypto space. Our corporate mandate at BIG Blockchain Intelligence Group is to provide technology and services that bring cryptocurrency mainstream and create security in the sector, which is why we’re stepping up to help bring transparency and insight to this example of illicit activity.īIG hopes that the company’s “efficient and effective response to the hack further establishes BIG as the global standard for cryptocurrency search and data analytics.”īIG is a developer of Blockchain technology search and data analytics solutions. The NEM (XEM coin) has a strong and loyal crypto community that has been affected by this hack. According to a press release from the company:īIG Blockchain Intelligence Group will compile the information gathered from its suite of proprietary technology search and data analytics tools into a comprehensive, official report outlining its forensic findings – for delivery to law enforcement agencies in Canada and the US.Īdditionally, BIG’s Director of Forensics and Investigations, Robert Whitaker, stated:
However, BIG Blockchain Intelligence Group has successfully tracked the proceeds from those stolen digital assets to an exchange in Vancouver, where the funds are being laundered.īIG plans on delivering the important information to the relevant authorities as soon as possible. The theft was the second largest in the history of cryptocurrency. On January 26, 2018, the cryptocurrency world was once again rocked when Japanese exchange Coincheck reported the loss of 526 million XEM coins - worth upwards of $530 million. BIG Blockchain Intelligence Group has reported that its Forensic and Investigations Division has successfully followed the laundered proceeds from the high-profile Coincheck hack - in which $534 million worth of NEM (XEM) coins were stolen - to an exchange in Vancouver.
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