NEM Foundation announced the termination of the tracking of funds stolen by hackers from Coincheck

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NEM Foundation announced the termination of the tracking of funds stolen by hackers from Coincheck

Sad news for all who have lost part of the money after the incident at cryptocurrency exchange Coincheck. The representatives of the NEM.io said that they are, unfortunately, not in forces to prevent cashing by hackers tokens stolen from users Coincheck. All the necessary information on the case was already handed over to the police, and the tracing of lost funds are now officially discontinued.

The reasons for this decision were not named by the Singaporean company, and experts report that half of the stolen amount has already been laundered. Therefore, NEM system Foundation, created with the aim of preventing money laundering has demonstrated a complete lack of efficiency.

Recall that shortly after the incident, the specialists of the NEM developed its own algorithm, capable of tracking the stolen funds. It was a system of tags for tracking the cryptocurrency that was derived from the stock exchange. This particular algorithm was to find all the accounts that participated in transactions with stolen money.

Vice-President of the NEM Foundation then assured that the system will strongly discourage the exchange or withdrawal of stolen goods through other kryptomere. However, in reality, it turned out that not only return the lost is impossible, but that these tokens is quite possible to cash out, utilizing black markets and other services available on the Darknet.

Now before kriptonite raises the question that has repeatedly loomed somewhere on the horizon. How to deal with money laundering in the future, despite the fact that all cryptologist for the blockchain without borders, and not regulation?

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