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Hackers who stole cryptocurrency from Coincheck are trying to sell it

Hackers who stole cryptocurrency from Coincheck are trying to sell it

Last week, news broke out that hackers managed to steal around $534 million worth of cryptocurrency XEM from Tokyo-based exchange Coincheck. Now, according to Reuters, the hackers behind the attack are trying to sell the stolen cryptocurrency.

Jeff McDonald, Vice President of the NEM Foundation, the company that’s behind XEM, told Reuters that he managed to track down an account that was holding the coins. Not only that, he said that those in possession of the stolen XEM were trying to sell them on six different cryptocurrency exchanges.

“He is trying to spend them on multiple exchanges. We are contacting those exchanges,” said McDonald. He also added that he couldn’t determine how much of the stolen coins were already spent by the hackers.

According to reports coming from Japan Today, those behind the Coincheck hack had initially transferred the stolen coins to a single digital address and then further spread them to nine other addresses. This move, of course, would make it harder for the stolen currency to be traced. Since the hack, Coincheck said it would reimburse all of the 260,000 customers that were affected by the hack.

Hamza Khalid

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