In 2018, the Japanese police indicted 30 persons with suspected complicity in illicit transactions connected with the well-known $530 million Coincheck hacks.
Police reported that cyber-investigators tracked “conventional” crypto exchanges to accounts engaged in illegal transactions. Prosecutors said that hacked NEM coins taken from Coincheck were converted by the perpetrators, making it possible to classify all the individuals. Kyodo also disclosed that the 30 suspects’ trade activities are projected to be worth over $96 million, using the exchange rate of the robbery moment.
In addition, investigators claimed the individuals understood that the hacking event belonged to these cryptos. Tokyo’s Metropolitan Police Department did not reveal the names of the suspects, since they are already in the investigation process.
In March 2020, the Japanese police detained two hackers, named as Masaki Kitamoto and Takayoshi Doi. Kitamoto confessed wrongdoing; he claimed to have taken from Coincheck’s hack more than $19 million.
The prosecutors later filed further charges. On Jan. 26, 2018, the hackers pocketed 523 million NEM from Coincheck. The estimated value of the coins at the time amounted to $530 million, which has since decreased. The lost tokens are worth a meager $38 million today. Coincheck’s fraud, along with the $460 million hack of Mt. Gox in 2014, remains the largest in the cryptocurrency business.