Blockchain Intelligence Group Inc. (BIG) researchers have traced approximately $534 million in NEM (XEM) stolen on January 26 Coincheck hack to a Vancouver-based crypto exchange.
Blockchain Intelligence Group published a press release on March 1, 2018, claiming that they had tracked down funds stolen to an exchange in Vancouver.
According to the information available on the public ledger and proprietary methods, BIG now know the whereabouts of the funds, even though this has not permitted them to do anything to recover them.
It is obvious the Coincheck’s funds theft has caused significant concern. With more than $500 million in NEM stolen, things are not the same again. Hitherto, there has been no trace of these funds at all.
If BIG is to be believed, about their claims that they found how the money was laundered, it is like a Canadian exchange is also involved in this development. It is the result of an internal investigation, though few facts and details have been revealed to the public as of right now.
In particular, it’s like these funds are being laundered as at now. Conversion of several hundred million of funds in a rapid sequence isn’t easy at all.
According to the internal tools used by Blockchain Intelligence Group, the outcome cannot be assumed at all. Why the money is undergoing this anonymous exchange in Vancouver, also remain a mystery. All the transactions would have been assumed to block stolen funds, but that’s not the case.
NEM development team now has a new tagging system that alerts crypto exchange whenever an account is tagged for containing stolen funds. It is also able to trace stolen NEM.
For the moment, there is still no substantial evidence backing up such claims. It is common as the investigation currently goes on. While the Blockchain Intelligence Group is yet to provide this evidence, we can only hope for the best to see further details unroll shortly.