How a bunch of hackers took down Tokyo crypto exchange?
How a bunch of hackers took down Tokyo crypto exchange?On January 26, 2018, hackers stole $523 million in NEM tokens from Coincheck by exploiting malware on an employee’s computer.
Laundering moneyOn Feb 7, hackers offered a “15% off” deal on NEM tokens via the dark web, making it easy to launder millions as everyday investors unknowingly took part
Tracking the UntraceableOver 43 days, stolen NEM flooded into 18 wallets, then fractured into thousands of Bitcoin transactions. The hackers masked their tracks using layered transfers.
A Partial VictoryJapanese police charged 30 individuals for laundering $100 million of the stolen NEM. Yet $650 million vanished overseas, likely funnelled through foreign exchanges.
Why This Heist Rewrote the RulesUnlike typical cybercrimes, this heist exploited crypto’s paradox: transparent yet anonymous. Exchanges failed to flag tainted coins, highlighting flawed safeguards.
ConclusionToday, 14,000 Bitcoin from the hack, now worth $1.3 billion, is spread across wallets, some untouched since 2018. As the digital trail grows colder, one truth endures: in crypto, even the perfect crime leaves fingerprints.