White Hat Hackers Join Search for $530 Million

White hat hackers have been instrumental in investigations regarding last month’s breach of the Coincheck exchange. The
community members have helped track down the $538m of NEM cryptocurrency that was stolen from the Tokyo-based exchange. The
ethical hackers have assisted authorities and encouraged others to join in providing aid. One prominent white hat known by
the Twitter handle JK17 managed to identify the accounts that the stolen money was sent to shortly after the breach. The
information was shared with the NEM foundation, and the accounts have been marked and are currently being monitored. The
funds have now been moved to over 400 accounts including some owned by innocent holders, in what appears to be an attempt to
confuse trackers. However, many more white hats have reportedly joined the hunt, making short work of the task. Shota Hamabe,
a 34-year-old programmer is one such individual. Shortly after the breach, he held an information session at Hackers Bar, a
restaurant and IT hub in Tokyo’s Roppongi district, to coordinate and discuss options. Whilst JK17, Hamabe and others have
been highly effective in locating and flagging the accounts where the stolen NEM has been moved to, efforts to identify the
owners of the accounts, (the hackers responsible), have been unsuccessful. It was reported that one NEM trader had been
questioned by Tokyo police regarding the incident, however, no further information has been provided regarding the
individual’s involvement. Officers are also analyzing access logs in Coincheck’s system in an attempt to identify the
culprits, but this may be a lengthy process. Meanwhile, it appears that nearly 9 billion yen ($83.6m) worth of NEM is
believed to have been exchanged for Bitcoin and other virtual currencies using the dark web and other anonymous services. It
remains to be seen whether the hackers will be brought to account.

Reference: https://www.ccn.com/white-hat-hackers-join-search-stolen-cryptocurrency-worth-530-million/

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