Japanese police charged 30 people for their alleged involvement in illegal transactions related to the well-known $ 530 million Coincheck hack in 2018. Tokyo authorities tracked each individual’s transactions to different places around the country.
Illegal Transactions are estimated to have Total Over $ 96 Million
Initially, Nikkei reported that the suspects were either arrested or their cases referred to the prosecutors office. However, Kyodo confirmed that all 30 people had been arrested and are now in police custody, citing sources familiar with the matter.
Police revealed that cyber investigators tracked accounts linked to the illegal transactions to “conventional” crypto exchanges. In fact, prosecutors noted that the suspects had converted stolen NEM coins from Coincheck, making it easy to identify all the individuals.
Kyodo also revealed that trading transactions of the 30 suspects are estimated to be worth over 10 billion yen ($ 96 million), using the exchange rate at the time of theft. Furthermore, authorities noted that the individuals knew that such cryptos belonged to the hacking incident.
The Tokyo Metropolitan Police Department did not disclose the identities of the suspects, as they are still in the investigation phase. Sources quoted by Kyodo provided more detail on how the individuals handled the transactions:
Some of the suspects exchanged NEM for other digital currencies through the website and exchanged their holdings in cryptocurrency exchanges at home and abroad to make a handsome profit.
Latest Developments on the Coincheck Hack Case
In March 2020, two hackers, identified as Masaki Kitamoto and Takayoshi Doi, were arrested by Japanese police. Kitamoto admitted wrongdoing; he allegedly stole over $ 19 million from a Coincheck hack. Additional charges were later filed by the authorities.
Hackers pocketed 523 million NEM from Coincheck on January 26, 2018. At that time, the total estimated value of the coins was $ 530 million, which has since declined. Today, the stolen tickets are worth just $ 38 million.
Coincheck theft remains the largest in the cryptocurrency industry, along with the Mt. Gox hack $ 460 million in 2014. In August 2020, news.Bitcoin.com reported that a court in Tokyo confiscated crypto assets that were traced back to the crypto exchange heist.
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