Japan’s Probe of Notorious “Coincheck Hack of 2018” Reveals Involvement of Elites


The notorious hack attack of Coincheck that occurred in 2018 is still an open case of investigation. More clues are surfacing during the investigation which suggests that the majority of persons involved in the committing of the crime were from the elite class who enjoy revered social status within the community.

As per Bunshun’s report regarding Coincheck Hack Attack 2018, it has been found that most of the involved were high-income earners. In addition, most of them are individuals from backgrounds of multiple professions. For instance, the report revealed that most of the accused are professional doctors and managers holding degrees from prominent institutions. Ironically, all these accused are between the ages of 20 to 49.

Further investigation found out that one of the robbers used XEM tokens for projecting a bogus transaction.

It was informed by the Cybercrime Countermeasures authority that the said robber converted XEM coin into another tokenized crypto. After conversion, the robber successfully transacted US$ 64 Million worth of funds. However, the investigation authority is still facing difficulties in coming to any final conclusion.

Though several stolen funds have been identified by the Japanese investigating authorities, yet the majority are still untraceable. It is said that only 25% of the stolen funds have been located while the 75% are still missing. The authorities have so far failed to locate 75% of the stolen funds even though 3 years have passed.

The investigation team consists of special agents, independent investigators as well as notorious hackers. (These hackers have been hired from companies where they were rendering their services). However, with all the infrastructure and resources, it seems that more time will be required to wrap up the investigation.

According to the investigation team, the looted funds were immediately shifted to other parts of the world. It also said that the funds obviously haven’t been sent in one go but a series of transfers took place multiple times.

In January, it was claimed by Japanese police that they had apprehended several individuals who they thought were linked with the incident. Upon investigation, the police came to the conclusion that the arrested persons were in fact co-related with the hack. The charges were later on imposed upon these individuals who are expected to face criminal trial before a court of law.

Only those funds have been located so far which were transferred within Japan. Yet the hack attack of Coincheck is still surrounded by unsolved mysteries.

It was the biggest hack of all time in the history of cryptocurrency in which the robbers got away with US$ 530 Million.

Now the investigation has revealed another interesting fact that most of the robbers were well-off. In fact, they all were holders of professional degrees and have been enjoying high social status amongst the community.