The hackers who stole approximately $ 530 mln worth of NEM coins from the largest cryptocurrency coin exchange Coincheck on Jan. 26 NEM Foundation vice president Jeff McDonald told Reuters on Tuesday, Jan.

According to Reuters, NEM Foundations managed to detect which hackers were sending transactions of 100 NEM coins, worth about $ 83 each, to "random addresses". The NEM team is currently trying to detect the location of the hackers,

Tom Robinson, CEO and co-founder of the UK-based Elliptic security company, stated:

"When people look at these types of funds, they sometimes spread it to smaller transactions because it is less likely to trigger anti-money laundering mechanisms."

] Contrary to Reuters' original report, the hackers do not seem to be trying to cash out by moving the stolen coins to cryptocurrency exchanges. As NEM Europe promoter Paul Reiger in an email sent to the Coindesk news site on Jan. 31:

"There were eleven 100 XEM transactions from one of the hacker accounts to 'random' accounts.

The Coincheck exchange announced that it was hacked and roughly 520 million NEM coins were stolen from its storage on Jan. 26. As Cointelegraph reported on Jan. 27, the company promised to compensate all the victims affected by the hack.