A lot of people were surprised to learn about the Coincheck hack several weeks ago. During that time, the company lost 500 million NEM to an unidentified hacker. It now seems the NEM Foundation has removed the mosaic tagging system associated with this stolen funds. An interesting development, although the culprits for the theft remain at large as we speak.
The Coincheck hack is a very big story throughout the cryptocurrency community. Every time an exchange is hacked and money gets stolen, debates ensue. In this particular case, the theft also highlights cooperation between different communities. The NEM Foundation has partnered with Coincheck to keep tabs on the stolen funds. As such, the tokens were subject to a tracking mosaic to monitor any token movements after the hack occurred.
No Longer Tracking Stolen Coincheck Funds
It now appears that tracking mosaic has been removed. This is an interesting development, for many different reasons. While the stolen funds have not been liquidated in its entirety, some funds were converted in recent weeks. Moreover, the mosaic also provides law enforcement agencies with necessary and real-time information regarding this particular heist. With the mosaic now removed, it is a bit unclear what the future holds regarding the stolen funds.
More specifically the culprits for this theft have not been identified as of yet. Nor is the stolen funds back in control of Coincheck or its users. Recovering that money seems to be almost impossible at this point. Even so, the NEM price has not suffered too much from this theft, which is a positive sign. The investigation is still ongoing as we speak, though. Whether or not any big developments can be expected, remains to be seen.
It is evident the NEM Foundation is looking to the future in a positive manner. The group has improved security protocols built into NEM to protect against future attacks. It remains to be seen how this particular development plays out moving forward. Coincheck has begun reimbursing affected customers, which can only be considered to be a good thing. At the same time, the thief – or thieves – need to be held accountable as well.
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