Cybercriminals that hacked the Tokyo-based crypto-exchange Coincheck are trying to sell stolen NEMs via six cryptocurrency exchanges, but the NEM team plans to inhibit their intentions.

Specialists from the NEM Foundation managed to trace the stolen coins to an unidentified account, whose owner is now trying to move coins to six crypto-exchanges in 100 XEM batches worth about $83 each.

Spreading the whole sum into smaller transactions permit you to avoid exchanges’ anti-money laundering mechanisms.

“[The hackers are] trying to spend them on multiple exchanges. We are contacting those exchanges,” Singapore-based Jeff McDonald told.

He added that cybercriminals could not exchange the whole amount of NEM as it accounts for 5% of the total supply of XEM and the “market simply couldn’t absorb that much.”

Meanwhile, Tokyo-based Coincheck announced that it will refund the losses of 260,000 victims of the hacker attack and distribute around $420 million in Japanese yen at a rate of roughly 81 U.S. cents per coin.

Coincheck was attacked on 26 January. Hackers found a breach in their security system and stole more than 523 million of XEM tokens from the exchange's hot wallet, making it the largest theft in the history of cryptocurrency industry.