The incidents of hacks and scams are quite common in the cryptocurrency industry; one such incident throttled the crypto industry when the Japanese crypto exchange Coincheck was hacked.
Recently 30 people have been charged in Japan for trading $96 Million cryptos stolen in a hack in 2018.
Japan Police Charged 30 People in Coincheck Hack Case
Japan has formally charged around 30 people for reportedly trading a massive amount of digital assets stolen around three years back. Some of the tokens stolen in the 2018 Coincheck hack have been traded recently on the dark web marketplace.
As the industry matures, the developers and teams behind various projects are paying more attention to the security and diligence of the projects. The agencies also crackdown the illicit activities in the field.
The authorities in Japan have charged the people who used the stolen XEM token along with some other tokens illegally. The $560 million hack from the leading Japanese cryptocurrency exchange Coincheck in January 2018 when the token price was at its highest at $1,6. Currently, the token trades at around. $0.21. As per the reports, the charged suspects used the stolen tokens to procure fiat currency at the legal global and Japanese exchanges.
The Japanese police tracked the individuals involved in the hacking case through the crypto exchange trading accounts they were operating on for illicit trade. New agency Nikkei Asia reported that police have even arrested people in the case. Thirty people have been charged with the local prosecutor’s office for their role in the hacking scam three years ago.
In June 2019, it was said that a virus associated with a Russian hacker was found to have infected the personal computers of the employees of Coincheck employees around the time of the hack.
In March 2020, Japanese police arrested two suspects who purchased the stolen NEM tokens from the Coincheck hack on the darknet website. The thieves had set up a sale on the illegal website to sell their steals to earn a profit. Japan closely monitored illegal activity and had charged the two for violating its law that tackles organized crime.
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