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Japanese police have charged 30 people for their alleged involvement in illegal transactions related to the well-known $ 530 million Coincheck hack in 2018. Tokyo authorities traced the transactions of all individuals to various places in the country.

Illegal transactions are estimated at more than $ 96 million

Initially Nikkei reported that the suspects have been arrested or that their cases have been referred to the public prosecutor’s office. Kyodo confirmed that all 30 people have been arrested and are now under police custody, citing sources familiar with the case.

Police revealed that cyber investigators are tracing accounts involved in the illegal transactions to “conventional” crypto exchanges. Prosecutors even stated that the suspects had converted hacked NEM coins stolen from Coincheck, making it easy to identify all individuals.

Kyodo also revealed that trade transactions of the 30 suspects are estimated to be worth more than 10 billion yen ($ 96 million), based on the exchange rate at the time of theft. In addition, the authorities stated that the individuals knew such cryptos were part of the hacking incident.

The Tokyo Metropolitan Police Department has not disclosed the identities of the suspects, as they are still in the investigation phase. Sources cited by Kyodo gave more details on how the individuals handled the transactions:

Some suspects exchanged NEM for other digital currencies via the website and cashed in their balances at cryptocurrency exchanges at home and abroad to make nice profits.

Latest developments on the Coincheck Hack Case

In March 2020, there were two hackers identified as Masaki Kitamoto and Takayoshi Doi arrested by Japanese police. Kitamoto admitted wrongdoing; he claimed to have stolen more than $ 19 million from Coincheck’s hack. Additional charges were later filed by the authorities.

The hackers pocketed 523 million NEM from Coincheck on January 26, 2018. At the time, the approximate value of the coins was $ 530 million, which has since declined. Today, the stolen tokens are worth only $ 38 million.

Coincheck’s theft remains the largest in the cryptocurrency industry, along with the Mt. Gox’s $ 460 million hack from 2014. In August 2020, reported that a Tokyo court has seized crypto assets traceable to the crypto exchange robbery.

What do you think of the Coincheck robbery? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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