However, when Coincheck mentioned that they will be paying affected users with fiat money, the swift action may be related to why the value of XEM shoot up around that time ($1.22 per token).
When the hacking occurred, Coincheck did not immediately address the situation, causing the price of XEM to shoot down.
Read More: Coincheck Press Conference: We Use Hot Wallets to Store Altcoins. Currently, the Metropolitan Police is investigating if these transfers are a possible attempt to slow down the investigation. The Japan News reported that the stolen XEM tokens were transferred to 20 accounts in the five days it’s been illegally pulled from Coincheck. Read More: Coincheck to Pay $422 Million to Users Affected by Hacking. On January 27, merely hours after the hacking attack was announced, developers behind NEM created an automated tagging system to track down the funds stolen by hackers. He also shared that the team developed a system that can automatically alert exchanges should ever these coins arrive at their platforms. This week, 534 mln worth of XEM, the native cryptocurrency of NEM, was stolen from a major Japanese cryptocurrency exchange Coincheck. NEM is tagging accounts with stolen coins. There were also no attempted transactions to exchanges.” – Paul Rieger, NEM Foundation subsidiary member “There were eleven 100 XEM transactions from one of the hacker accounts to “random” accounts. According to NEM Europe promoter Paul Rieger, this information was not entirely accurate. This is in contrary to a previous Reuter’s report that the hackers were trying to move the stolen coins into six different exchanges to sell them. 
As long as those funds are off public exchanges they will be very difficult to liquidate, especially in large amounts,” – NEM Foundation “None of the stolen funds have been sent to any exchanges. Initial reports suggested that these coins are now on the move. The hackers took outaround 500 million XEM on January 26, 2018, 3:00 am Japan time.
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