Coincheck Drops Anonymous Monero, Dash, Zcash

[Cordillerabit]

Coincheck, the Japanese exchange that lost ~$550 million worth of NEM to hackers, will stop dealing with Monero, Dash and Zcash. The trading platform has recognized the risk posed by these cryptocurrencies which provide high levels of anonymity. Half of the NEM coins stolen in the hack may have been converted already on the darknet, a cybersecurity expert claims.

The Japanese exchange Coincheck, which is trying to recover from one of the worst hacks in crypto history, is expected to stop handling three cryptocurrencies providing high levels of anonymity, the Japan Times reported. Coincheck now recognizes the high risk posed by these coins when used in money-laundering transactions, unnamed sources said. The cryptos are Monero (XMR), Zcash (ZEC), and Dash (DASH).

Stolen NEM Converted on the Darknet
The NEM coins that disappeared in the hack were worth about ¥58 billion (~$550 million USD) at the time. This month Coincheck said it was preparing to start compensating its customers, as news.Bitcoin.com reported. On Tuesday, the exchange announced it had refunded ¥46.6 billion ($440 million) to 260,000 customers who lost NEM.

Kusunoki says

it is getting more difficult to trace the coins.

He believes the site is still being used for money laundering transactions.

“It has become evident that we cannot block currency laundering just because all transactions are recorded”

,
the expert concluded. Masanori Kusunoki thinks it’s becoming impossible to trace the NEM coins.


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