Coincheck’s Crypto Hack Proceeds Seized by Japanese Police

Police in Japan has apprehended at least 30 persons in connection with hack attack of 2018 caused upon Coincheck. Police alleges that the arrested persons were in possession of crypto funds that were stolen from Coincheck. Through probe of crypto transaction executed by arrested persons have been investigated throughout Japan by police.

It was confirmed by Japan’s Police that they have apprehended at least 30 people who were allegedly linked with Coincheck’s hack in 2018. Initially the news rumoured that the apprehended persons were presented before Prosecutors’ office. However, later on the Police itself confirmed that the arrested persons were produced before the Prosecutor’s office. They have now been moved to custody of local police for interrogation purposes.

Police has alleged that the arrested persons were involved or linked with the Coinchek’s hack. The police also revealed that when it established suspicion over these men, it thoroughly investigated their transactions and accounts. It was then found out by the police that the arrested persons were in fact involved in several illicit crypto transactions. Police told that these illicit crypto transactions were executed through local crypto trading platforms.

It was revealed by Japan’s police that the culprits were caught because they transferred stolen NEM coins from Coincheck into other digital assets. Once they did that, it was confirmed that the police were behind those persons who committed the hack upon Coincheck.

Police also informed that arrested persons’ transaction history revealed that they had collectively conducted transactions of JPY 10 Billion (i.e. US$ 96 Million). In addition, all of them were aware that the NEM coins they were trading in fact belonged to Coincheck and stolen in a hack. However, the culprits deliberately chose to acquire stolen assets and violated the law, said Police.

The Tokyo Police is still interrogating the suspects and hasn’t disclosed their identities to anyone.

Kyodo, which is one of Japan’s news sources, told stated that many of the arrested fellows converted NEM coins into other digital assets. Later on they also sold converted digital assets with different crypto exchanges. While selling the digital assets they also executed selling transactions through global exchanges and made lucrative profits.

In 2018, Coincheck – a crypto trading platform – was hacked and resultantly the exchange’s US$530 Million worth of NEM coins were stolen. At least 19 accounts were pointed out at that time which were linked with the main hacker. Since then the investigation is going on without any concrete evidence. However, it was in March last year, when Japan’s Police identified two main suspects which were then immediately arrested.

One of these two men, admitted committing of the crime and informed police that he had stolen NEM coins worth US$ 19 Million. The Authorities after recording his statement then proceeded to level charges against the accused. Coincheck hack is remembered as the biggest ever hack of the crypto industry. After the attack, NEM’s value dropped. The US$ 530 Million stolen proceeds now amount to US$ 38 Million only.