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Stolen NEM coins tracked, trader questioned by authorities

Following the theft of NEM tokens a couple of weeks ago, the authorities in collaboration with NEM foundation has been making it difficult for the hacker to convert the NEM coins. It is now reported that a Japanese local trader has undergone police questioning after haven gotten in contact with some of the coins.

After the theft of NEM coins weeks back, the police and the NEM foundation has been busy with locating or at least making it difficult for the hacker to make away with the stolen tokens. Following the theft, NEM foundation tagged the tokens and made them impossible to trade via exchanges.

However, it has been reported that a Japanese local trader was under police custody after he converted some of the stolen NEM coins into Litecoins as reported by the Nikkei. It is gathered that the trader converted a small portion of those tokens via a dark web and was also aware the coins were stolen from Coincheck.

Nevertheless, the hack of Coincheck has not caused much damage within the Japanese community as was expected by many. It is said that the Japanese government is reportedly very optimistic about the future of cryptocurrencies and hopes it will help drive economic growth of the country. It is also projected that the government can possibly get approximately $9.2 B a year in taxes from cryptocurrency activities.

“I see a lot of energy and enthusiasm from cryptocurrencies here despite what has happened”. Scott Gentry, consultant FreeAbound business development Tokyo.

The warm and receptive attitude of the Japanese government has led to many companies either accepting cryptocurrencies for payments or considering cryptocurrencies a method of payment.

Following the investigation from the police, the hacker of the stolen NEM coins is also busy trying to get around the restrictions put on him from selling or converting the coins and was reported to be offering a 15% discount to Bitcoin traders in a bid to get rid of the NEM coins.

What are your thoughts on this move? Do you think the police stands a chance of tracing and arresting the hacker?

Let us know your thoughts in comment section below.


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