Coincheck Robbers Attempt to Sell Stolen Cryptocurrency – Tech

500 million dollars in cryptocurrency flights: understanding the coincheck robbery in 3 questions - Tech

What will become of the 500 million dollars stolen in NEM on the Coincheck platform? The thieves of the booty would seek to sell it in multiple transactions, to avoid being the subject of a procedure against money laundering.
        On Friday, January 6, 2018, it was 3 am in Japan when the coincheck cryptocurrency trading platform was robbed. The equivalent of more than $ 500 million, converted into the electronic currency of the NEM, flew away from the cryptotrading site.
A few days later, the thieves of this booty are already trying to resell the stolen money. The NEM Foundation, at the origin of the cryptocurrency concerned, managed to trace the stolen virtual coins.
They are on an account, whose owner is now trying to resell the currency in different markets. "They try to spend them on multiple transactions. We are trying to make contact with these transactions, "said Jeff McDonald, vice president of the NEM Foundation. He added that it was not yet possible to determine the amount of stolen coins that have already been spent.

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"When people are looking to launder this type of money, they sometimes convert it into smaller transactions because they are less likely to trigger anti-money laundering procedures," says co-founder Tom Robinson. Elliptic, a London-based firm specializing in cryptocurrency security.
According to the CoinMarketCap website, the stolen sum represents around 5% of the total NEM supply, which is around the world's tenth largest cryptocurrency. It is for this reason that Jeff McDonald also believes that robbers will not be able to resell this amount in one block, since "the market simply can not address as much".
"The market can not absorb as much"
If the thieves manage to move the stolen money, they could try to exchange it for another cryptocurrency before transferring the money into a "traditional" currency; this process would then make the stolen funds more difficult to trace.
"We can assume that they will get by with some of the money," concluded McDonald.




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