It was learned on Feb. 19 that trading records on the Internet show that of the 58 billion yen worth of NEM cryptocurrency stolen from the Coincheck exchange, 10 billion yen may have been exchanged into bitcoin and other cryptocurrencies.
The trading took place on the highly secretive “Dark Web” in what is believed to be a money laundering operation by the perpetrators. In the past few days, over 1 billion yen has been traded each day.
An expert on cybersecurity voiced concern that “the money laundering could be completed in a month or so.”
It was also learned that over 10 accounts are involved with substantial NEM trading. Two of these accounts were used in exchanging nearly 5 billion yen, or half of the traded volume.
The perpetrators have offered to exchange NEM at a rate 20% lower than the market rate. The above expert notes that “the perpetrators, or people close to them, could be making this up this in order to earn more profits in the money laundering bid.”
It is believed that the two prominent accounts came on the scene on Feb. 14, and they have been exchanging NEM into other cryptocurrencies through exchanges in China and Hong Kong.