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NEM Foundation No Longer Tracking Tokens Stolen From Coincheck

  • The NEM Foundation is no longer able to track coins stolen during the Coincheck hack, wallet involved in the hack has been completely drained.

Cover image via U.Today

The NEM Foundation has stopped tracking the funds stolen during the recent Coincheck hack. The foundation had originally planned to track the coins in order to prevent them from being cashed out or converted into other currencies, a process known as red-listing. However, because of the convoluted and rapid transfers of the stolen coins, the NEM Foundation has admitted it can no longer track all the coins. The Coincheck hack was the largest in history, with $500 mln in NEM tokens stolen.

About the author

David Dinkins is a freelance writer who holds a Master of Arts in history from Louisiana Tech University and has extensive teaching experience both at LSU – Shreveport and University of Phoenix. He got involved with cryptocurrency in early 2014 working as part of the Dash Core Team and have served in the role of writer/editor (mostly editor) during that time. He has edited a huge number of documents for the Core Team, including the Evolution whitepaper, the PrivateSend whitepaper, and many of Evan Duffield’s communications with the Dash Community.

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