In its investigations, Blockchain Intelligence Group (BIG), a developer of blockchain technology search and data analytics solutions, has found that the proceeds of the Coincheck hack are being laundered through a Vancouver-based exchange.

Earlier this year, cryptocurrency exchange Coincheck lost $530 million in XEM tokens to hackers. BIG’s Forensic and Investigations Division has now traced the proceeds to a Vancouver-based exchange where funds are being laundered out.

In its official release, BIG said that it will compile the information gathered from its suite of proprietary technology search and data analytics tools into a comprehensive, official report outlining its forensic findings - for delivery to law enforcement agencies in Canada and the US.

“The NEM (XEM coin) has a strong and loyal crypto community that has been affected by this hack,” said BIG’s Director of Forensics and Investigations, Robert Whitaker. “Our corporate mandate at BIG Blockchain Intelligence Group is to provide technology and services that bring cryptocurrency mainstream and create security in the sector, which is why we’re stepping up to help bring transparency and insight to this example of illicit activity.”