![]() While details about the detainees are limited, it is known that they are males-one from Osaka Prefecture and the other from Hokkaido. On March 11, 2022, the police took two individuals into custody. Authorities believe that the hackers managed to convert their XEM funds into Bitcoin. The investigation focused on tracking a large-scale transaction that occurred on the dark web, where a substantial amount of NEM was exchanged at a 15% discount. ![]() Tokyo police made significant progress in the case, leading to the arrest of two men suspected of hacking Coincheck. However due to the report of CCN.com, hackers had already laundered 40% of the 500 million tokens despite being tagged by Singapore-based NEM Foundation at the time. This system ensures that all funds stolen from Coincheck are marked as tainted funds, allowing cryptocurrency exchanges to easily verify whether stolen NEM funds are withdrawn or deposited into regulated trading platforms. To facilitate the tracking of stolen funds, the NEM development team implemented an automated tagging system. The perpetrators behind the Coincheck NEM security breach were linked to a Canadian exchange and a Japanese exchange called Zaif, as identified by the BIG Blockchain Intelligence Group Inc. This incident shedding light on the vulnerabilities inherent in centralized exchanges and emphasizing the urgent need for robust security measures within the crypto ecosystem. In January 2018, Coincheck, one of Japan’s largest cryptocurrency exchanges, suffered a colossal security breach, resulting in the theft of approximately $530 million worth of NEM tokens.
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