The NEM Foundation has declared that it shall not trace the stolen Cryptocurrency from Coincheck anymore. The NEM foundation is an organization based in Singapore which provided the necessary details for the investigation. However, they haven’t provided any explanation regarding their stance to stop the tracking. As per reports, half of the NEM coins are already on the darknet.
The organization has finalized it’s decision to stop the tracking of $58 billion worth of NEM coins. The organization had been using an advanced form of technology to identify the accounts.
The NEM organization has clearly stated that some “actionable information” were given to the authorities and hence the step has been taken. But further details regarding such actions haven’t been released.
NEM organization Stops Tracking the stolen Coins
In all probabilities, a large amount of the XEM coins cannot be traced back forever. An expert in the field of security stated that the conversion of the coins to Fiat or any other cryptocurrency is the reason behind this.
Coincheck has issued a series of attempts at gaining back the losses. A refund of ¥46.6 billion has already been conducted to the customers who faced the losses. Improved security and better preventive measures are now the sole priority for Coincheck.
The media reports from this week stated that the exchange has sanctioned it’s decision to stop the anonymous coins: Monero, Dash and Zcash. This is mainly due to the risks which their anonymity bring to the market and enable the illegalities to occur.
Trading has been resumed on Coincheck this Monday. And investors can no longer trade in Dash, Zcash and Monero. However, strengthening the security system is the major concern that Coincheck wants to focus on right now.