BIG Blockchain Intelligence Group has reported that its Forensic and Investigations Division has successfully followed the laundered proceeds from the high-profile Coincheck hack — in which $534 million worth of NEM (XEM) coins were stolen — to an exchange in Vancouver.
Lost & Found
On January 26, 2018, the cryptocurrency world was once again rocked when Japanese exchange Coincheck reported the loss of 526 million XEM coins — worth upwards of $530 million. The theft was the second largest in the history of cryptocurrency.
However, BIG Blockchain Intelligence Group has successfully tracked the proceeds from those stolen digital assets to an exchange in Vancouver, where the funds are being laundered.
BIG plans on delivering the important information to the relevant authorities as soon as possible. According to a press release from the company:
BIG Blockchain Intelligence Group will compile the information gathered from its suite of proprietary technology search and data analytics tools into a comprehensive, official report outlining its forensic findings – for delivery to law enforcement agencies in Canada and the US.
Additionally, BIG’s Director of Forensics and Investigations, Robert Whitaker, stated:
The NEM (XEM coin) has a strong and loyal crypto community that has been affected by this hack. Our corporate mandate at BIG Blockchain Intelligence Group is to provide technology and services that bring cryptocurrency mainstream and create security in the sector, which is why we’re stepping up to help bring transparency and insight to this example of illicit activity.
BIG hopes that the company’s “efficient and effective response to the hack further establishes BIG as the global standard for cryptocurrency search and data analytics.”
BIG is a developer of Blockchain technology search and data analytics solutions. It has developed a cryptocurrency agnostic search and analytics engine which helps government agencies and law enforcement officials hunt down cyber criminals in the crypto space. The engine allows for forensic-level tracing, tracking, and transaction monitoring.
Though cryptocurrency has largely been founded around the principles of decentralization and deregulation, forensic-level watchdogs like BIG may help ensure large-scale cryptocurrency heists are a thing of the past.
What do you think about BIG successfully tracking Coincheck’s stolen funds to an exchange in Vancouver? Let us know in the comments below!
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