According to a member of the Singapore-based NEM foundation, the purpose of the cyber heist was to test the audit trail mechanism.
On Thursday, authorities from several countries have begun investigating the $530 million cyber heist involving the NEM cryptocurrency, said Takao Asayama, a member of the foundation behind the NEM cryptocurrency.
Takao Asayama stated that Singapore-based NEM Foundation is working with cryptocurrency exchanges around the globe to block the hackers from cashing out the stolen cryptocurrencies, without naming the countries involved in the investigation.
Earlier this week, authorities in Japan disclosed that all cryptocurrency exchanges in the country would be investigated for for security lapses and ordered Tokyo-based Coincheck to raise its security standards following a cyber heist which saw hackers steal $530 million in digital money from the exchange.
While confirming that the foundation has found links to two exchanges were some of the stolen coins have been stashed, Takao Asayama said the purpose of the hack may have been to test the tracking system rather than moving the coins.