Japanese Court Orders Country’s First Crypto Seizure

By Heru85 | News INDONESIA | 25 Aug 2020


Japanese Court Orders Country’s First Crypto Seizure

   

Japan’s first-ever cryptocurrency seizure, of $46,000 worth of bitcoin expropriated in relation to a hack suffered by the Coincheck exchange in 2018, has been issued by the Tokyo District Court.

Authorities have reportedly seized the BTC, which was held by a doctor from Hokkaido and an executive from the Osaka Prefecture, and arrested both individuals in connection with the hack. Both are accused of purchasing NEM tokens stolen from the cryptocurrency exchange in January 2018.

The tokens were stolen in a massive security breach that saw hackers steal $534 million worth of NEM from Coincheck’s wallets, and were then reportedly sold on a darknet market. The exchange’s security was breached after personal computers belonging to Coincheck employees were found to have been infected by a virus associated with Russian hackers.

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