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Friday, 2 February 2018

See What Makes Cryptocurrency Hard to Steal


When elected Officials who are Crypto-anatgonists speak, they often say that Bitcoin is for terrorists and money launderers. Followed by a begrudging acknowledgement  that the blockchain technology does have potentials.

But the case of the $400 million of NEM(New Economic Movement) stolen from Coincheck last week has shown otherwise, that stealing cryptocurrencies is surprisingly hard, but laundering fit currency is very easy once you know how to.


After they successfully extracted $400m of NEM form Coincheck last week, the hackers must have been overjoyed; they has pulled off the biggest cryptocurrecy heist of all time. But they must have been confused as regards how to stash their ill wealth.

In the fiat world, there's no blockchain moitoring the small or large amount of dollars or pounds or Euros being stolen. But for cryptocurrencies, there are eyes everywhere. as Blockchain sees and records everything, which makes it pretty easy to observe how the stolen wealth moves.

In the last few days following the heist, the hackers have started moving their stash. But are finding it hard to get an exchange that will accept it.

Since the heist, NEM has elected not issue a hard fork to isolate the stolen coins and render them worthless, but it start contacting the exchange with the wallet address that the coins are sitting in asking for the address to be blacklisted.

Laundering the proceeds even if they are able to find a willing exchange will be difficult and will take a whole lot of time. NEM’s Jeff McDonald told Reuters: “[The hackers are] trying to spend them on multiple exchanges. We are contacting those exchanges”.

What many Government officials need to realize is that laundering cryptocurrency is hard. In fact, digital currency is not the thief's paradise. Last week. British Prime Minister, Theresa May broke her silence on the issue of the virtual currency, and once again she linked it with money launderers. And when American President Donald Trump's secretary commented on it, she echoed what Theresa had said.

READ ALSO: NO HIDING PLACE FOR TAX EVADERS, AS TAX REPORTING SOFTWARE IS ACQUIRED

What do you think? Have Government officials treated out dear digital currencies unfairly by associating it with money laundering? Please share your views in the comments section below. and subscribe to our newsletter. Yeah also like us on Facebook Mntrends Blog

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