Coincheck lost $500 million and not accepting the loss back

Tokyo-based exchange Coincheck had experienced a large heist. Coins worth roughly $550 million have been stolen and traced to an exchange in Vancouver, Canada. The stolen NEM, that were kept in a hot wallet, are being converted to other cryptocurrencies and possibly sent back to Japan, reports BIG Blockchain Intelligence Group Inc., the researcher.

"They are trying to move it before the door is closed, but there is a lot to move," — said Anstey, the BIG’s CEO. 

BIG used a combination of public ledger information available to anyone and proprietary know-how to trace the coins. Coincheck has identified and published 11 addresses where all 523 million of the stolen coins ended up. More than 24 million coins from the heist have ended up in Japanese NEM exchange Zaif.

NEM developers created a tracking tool that automatically rejects stolen funds. The 11 addresses have been labeled with a tag that reads "coincheck_stolen_funds_do_not_accept_trades : owner_of_this_account_is_hacker." It’s still unclear whether Coincheck identified the cyber thieves.