Coincheck hackers have sold $84.7M worth of NEM, pushing XEM/USD lower

Coincheck hackers are cashing out their loot
XEM/USD is declining steadily

Tanya Abrosimova Independent Analyst

NEM price has been declining steadily since the beginning of January even though the other digital currencies are in recovery mode.

NEM takes the 13th place among the cryptocurrencies with the total market value over $4.6B, but it has been out of luck lately due to Coincheck heist that happened late last month.

Cryptohackers stole about $530 million worth of NEM coins and started to convert their loot into other digital assets with the ultimate aim to cash it out.

According to Asian Review Nikkei, the hackers have already converted about $84.7 million into other coins via the dark web site, offering 15% discount. NEM Foundation - the company behind the coin - is marking the accounts into which stolen coins are being transferred. But the number of such receiving accounts is multiplying and, the Foundation cannot keep up the pace.

XEM/USD is currently trading at $0.5226. The coin hit its highest level on January 4 at $2.0 and it since that time it has lost about 75% of its value. The hackers attempt to sell NEM intensifies the downside pressure caused by the heist, while authorities investigation makes it dangerous to buy the coin.

XEM/BTC, daily chart

Author

Tanya Abrosimova

Independent Analyst

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