TOP > News > NEM and Appsolutely to Verify Reports of Stolen XEMs Sent to LoyalCoin ICO
July 31, 2018 Updated

Did the Coincheck hackers send stolen NEM Coins to buy tokens in the LoyalCoin ICO? The LoyalCoin team and the NEM Foundation are investigating.

Coincheck hackers are now trying to profit from their $530 million worth of stolen NEM (XEM) coins by depositing them to cryptocurrency exchanges in Czech Republic, US, and NZ. It appears, also, that some of these stolen coins have reached the Philippine shores via the LoyalCoin ICO.

Reported Claims of Stolen NEM Coins

The Japanese paper Nikkei Asian Review reports that LoyalCoin’s Token Generation Event has received 2,000 NEM coins. The said NEM coins, which is worth $2,000 at the time of the theft, is from one of the many flagged accounts that received the stolen coins.

Appsolutely (LoyalCoin)’s Statement

On February 3, 2018, LoyalCoin released an official statement about the issue, stating that it is coordinating with the NEM foundation to verify the report. The LoyalCoin team also assured the “Loyalists” that this verification process will not hinder or delay the distribution of LoyalCoins to their NEM wallets.

Stolen XEM and Crypto Exchanges Foundation said it has devised a mechanism to track the stolen XEM coins.

NEM also asked cryptocurrency exchanges around the world to refuse to accept these ill-gotten XEMs. The foundation said that if the stolen tokens keep on spreading across accounts, it is possible that some may be converted to other cryptocurrency or even fiat.

Source: Asia.Nikkei

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