Tokyo-based exchange Coincheck lost $530 million of XEM cryptocurrency last week to hackers. Since then, several countries have begun investigations and the NEM Foundation, which is behind the cryptocurrency, is taking action to foil the cybercriminals.
Reuters reports that earlier this week, Japan’s financial regulator, the Financial Services Agency (FSA), “issued a business improvement order to Coincheck and said it would investigate all cryptocurrency exchanges in Japan for security gaps following the hack.” The FSA is conducting a spot inspection on Friday, according to Reuters.
On Tuesday of this week, the NEM Foundation spotted activity that showed the hackers trying to move the stolen money to other exchanges, seemingly to sell the stolen XEM coins. Meanwhile, Reuters writes, “Takao Asayama, who is a member of the Singapore-based NEM Foundation that is behind the cryptocurrency, told reporters in Tokyo that it is working with exchanges to block the hackers from cashing out the stolen cryptocurrency.”
Read more at Reuters.