Japanese police charged 30 people with illegal transactions related to the famous $530 million Coincheck hack in 2018. The Tokyo authorities tracked all individual transactions across the country.
The total amount of illegal transactions is estimated to exceed US$96 million
Initially, Nikkei reported that the suspects had been arrested or their cases had been transferred to the prosecutor’s office. However, Kyodo News quoted sources familiar with the matter and confirmed that all 30 people had been arrested and are now being detained by the police.
The police revealed that online investigators traced accounts involved in illegal transactions to “regular” cryptocurrency exchanges. In fact, the prosecutor stated that the suspect converted the stolen NEM coins stolen from Coincheck, making it easy to identify all individuals.
Kyodo News also revealed that using the exchange rate at the time of the theft, transactions from 30 suspects are estimated to be worth more than 10 billion yen (US$96 million). In addition, the authorities stated that these people knew that the password was a hack.
The Tokyo Metropolitan Police Department did not disclose the identity of the suspects because they are still in the investigation stage. The source cited by Kyodo News provides more detailed information on how individuals process transactions:
Some criminal suspects exchanged other digital currencies with NEM through the website, and cashed out their holdings on cryptocurrency exchanges at home and abroad to make considerable profits.
The latest development of the Coincheck Hack case
In March 2020, the Japanese police arrested two hackers, Masaki Kitamoto and Ryuki Doi. Beiben admitted to doing something wrong. He claimed to have stolen $19 million from Coincheck hackers. The authorities later filed other charges.
Hackers stole 523 million NEM from Coincheck on January 26, 2018. At the time, the estimated value of these tokens totaled $530 million and has been declining ever since. Today, the value of the stolen tokens is only $38 million.
The theft between Coincheck and Mt.Mt. is still the largest theft in the cryptocurrency industry. Gox suffered a $460 million hacker attack in 2014. In August 2020, news.Bitcoin.com reported that a court in Tokyo confiscated crypto assets traced to a robbery on a crypto exchange.
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