Fun

Japanese Court Orders Seizure of Cryptocurrency Linked to Coincheck Hack of 2018

News Feed - 2020-08-20 07:08:57

Japanese Court Orders Seizure of Cryptocurrency Linked to Coincheck Hack of 2018


A court in Tokyo, Japan has ordered the seizure of crypto assets that have been traced back to the Coincheck hack of January 2018, The Japan Times reported Wednesday.


More than $530 million worth of the NEM (XEM) cryptocurrency was stolen from the exchange two years ago in what turned out to be the crypto industry’s biggest heist.


While the Times did not provide figures, another report in a different local publication reveals that about 4.8 million yen ($45,000) in bitcoin (BTC) and XEM is to be confiscated from Takayoshi Doi.


The 30-year-old doctor from Obihiro, Hokkaido, was arrested in March, together with an accomplice, for buying stolen XEM and for violating a law against participating in organized crime. But police do not believe Doi was responsible for the hack.


According to the reports, the Tokyo District Court placed a protective order on Doi’s digital assets ahead of a police-authorized confiscation of the money. Prosecutors say the tokens were deposited on a domestic cryptocurrency exchange.


Should the suspect be found guilty, the XEM will be seized and forfeited to the government, possibly for auction and compensation to the Coincheck victims.


The court order is believed to be the first such order issued for crypto assets in the Asian country, The Japan Times said.


Hackers plundered 523 million XEM tokens from Coincheck on January 26, 2018. At the time, the coins’ estimated value totaled $530 million but have declined sharply ever since. Today, the stolen tokens are worth just $38 million.


Coincheck’s theft remains the biggest in the cryptocurrency industry, dwarfing Mt Gox’s $460 million hack of 2014.


What do you think and the Japanese court’s confiscation order? Let us know in the comments section below.Russia and China De-dollarization Approaching "Breakthrough Moment"NEWS | 2 hours agoUS Says North Korea Has 6,000 Hackers: Many in Belarus, China, India, Malaysia, RussiaNEWS | 12 hours agoTags in this storyCoincheck hack, Japan, Mt Gox, NEM stolen, Protective order, Takayoshi Doi, Tokyo District Court


Image Credits: Shutterstock, Pixabay, Wiki CommonsPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Show comments

News Feed

Bitcoin eats up fresh bid liquidity as BTC price fights for $65K
William Suberg9 hours agoBitcoin eats up fresh bid liquidity as BTC price fights for $65KBitcoin is in no mood for a comprehensive BTC price recovery as the week gets underway.2031 Total views16 Total sharesListen to art
Tarantino reportedly wanted to create a metaverse for ‘The Movie Critic’
Tristan Greene7 hours agoTarantino reportedly wanted to create a metaverse for ‘The Movie Critic’It was supposed to be his last film, but the project has been scrapped.3407 Total views1 Total sharesNewsOwn this piece
Rakesh Upadhyay6 hours agoPrice analysis 11/13: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINKBitcoin opened the week with a shallow correction, but altcoin traders seem unaffected by the slight BTC price pullback.27
Betting Your Coins Online? Be Sure to AskGamblers First
Betting Your Coins Online? Be Sure to AskGamblers First Visit AskGamblers.com before ever wagering your hard-earned coins in an online casino. AskGamblers is the
Savannah Fortis10 hours agoFTX, BlockFi claims settlement allowed to proceed, judge declaresA U.S. bankruptcy court judge has ordered the end of an automatic holding placed on claims settlement proceedings between the tw
Bitzlato founder won’t get more jail over $700M dark web clearing house
Tom Mitchelhill3 hours agoBitzlato founder won’t get more jail over $700M dark web clearing houseThe judge said the 18 months Anatoly Legkodymoc had already served in Brooklyn’s “terrible” MDC was enough punishme
Martin Young4 hours agoLightning Labs releases tools letting AI transact and hold BitcoinAI models such as ChatGPT could soon be able to buy, sell and use Bitcoin on the Lightning Network.2857 Total viewsListen to articl
Price analysis 3/25: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, ADA, AVAX
Rakesh Upadhyay5 hours agoPrice analysis 3/25: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, ADA, AVAXBitcoin has risen above $70,000, indicating that the bulls are back in the driver’s seat.1875 Total views9 Total sharesL
Tom Mitchelhill5 hours agoSynthetix DEX launch to join efforts reducing the ‘serious friction’ in DeFiSynthetix founder Kain Warwick tells Cointelegraph that Infinex will help reduce friction in DeFi and close the us
Why did Fetch and SingularityNET AI-tokens just surge 30%?
Zoltan Vardai7 hours agoWhy did Fetch and SingularityNET AI-tokens just surge 30%?Both AI tokens Fetch and SingularityNET staged a strong price recovery after a three-month downtrend.1613 Total views2 Total sharesListen
In-Between Bitcoin Halvings: Analyst Proves Bitcoin’s Price Not Bound to 4-Year Cycles
In-Between Bitcoin Halvings: Analyst Proves Bitcoin"s Price Not Bound to 4-Year Cycles Crypto traders and analysts have always looked to the halvings for some kind of clues in or
Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says ‘We’re Seeing Pretty Good Progress’
Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says "We"re Seeing Pretty Good Progress" Ripple CEO Brad Garlinghouse says that he expects the lawsuit over XRP by th