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A few days ago i wrote about "Coincheck" losing $400 Million in NEM tokens to hackers. Now these hackers are trying the sell out these stolen XEM coins through multiple exchanges.
Also read: Coincheck losing $400 Million in NEM tokens to hackers
The NEM Foundation, creators of the XEM cryptocurrency, Jeff McDonald in an interview to reuters claims to have identified the exchanges and the account holder is trying to offload these stolen currencies to six different exchanges and likely be converted to a different currency before being sold, making it far to impossible to trace.
According to NEM Foundation spokeswoman Alexandra Tinsman the hacker had divided the stolen money into smaller packages of $83 each (100 XEM) and started sending out to random accounts to cover up their tracks.
It is very unlikely that the whole amount can be fully recovered.
XEM coin as of now is the world's tenth biggest crypto currency, while the stolen amount that hacker had taken was around 5% of all XEM supply.
In order to prevent such attacks from happening the Japanese authorities have announced investigation for security of all the crypto currency exchanges within the country and also ordered "Coincheck" to improve its security standards.