The NEM Foundation, the Japanese-based cryptocurrency exchange, has stated that it can trace the coins taken by hackers from Coincheck, the company\'s crypto wallet. According to NEM, hackers will be blocked from using the 526 million crypto coins that were stolen from users, who will be refunded by the business.

In a new announcement from the company, NEM stated that the new protocol, which supports decentralisation, will allow for any potential criminal or suspicious transactions to be traced. This will allow exchanges to track any malicious or suspicious activity. They claim that the ability to trace transactions will mean that stolen crypto cannot be used without the person being tracked.

However, some have argued that such a move by NEM brings up issues around the centralisation of control. While there are many potential pros to reversing regrettable or mistaken crypto transactions, some have argued that such a move would also place limits on a large number of cryptocurrency enthusiasts.

NEM came under scrutiny from the Japanese authorities following the hackers stealing of the funds, as crypto wallets are currently not held to the same strict regulatory standards that cryptocurrency exchanges are by law enforcement within the country.