Japan Plans To Ban Cryptocurrency From Coincheck Hack

[BitcoinW0rld]

A district court in Toyko has ruled against the usage of cryptocurrency asset which have been stolen from Coincheck – a virtual currency exchange operator.

Investigative sources have found out that the court ordered a company set up by Takayoshi Doi, who was indicted over allegedly obtaining the leaked cryptocurrency NEM, to protect the assets for future confiscation based on the organized crimes punishment law.

For more information visite our website  :- https://bitcoinworld.co.in/japan-plans-to-ban-cryptocurrency-from-coincheck-hack/

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[Harlot]

I think this news is a little bit outdated now or at least is not saying the right thing since the court is now ordering a seizure for the connected coins involved in the Coincheck hack. Although all the news I have read that is connectrd to this so far is still unclear on how the caught this people it looks like they have track them in the dark web as knowing purchasers of the stolen crypto.

[Baofeng]

I think this news is a little bit outdated now or at least is not saying the right thing since the court is now ordering a seizure for the connected coins involved in the Coincheck hack. Although all the news I have read that is connectrd to this so far is still unclear on how the caught this people it looks like they have track them in the dark web as knowing purchasers of the stolen crypto.

Correct, and it seems that the title is misleading, it's a seizure and obviously this is done to freeze the assets until the investigation of the said loot is completed. And what has been seize is not the whole XEM and Bitcoin hacks, it's just a fraction. So most of the hacks are still in circulation or probably have been cash out. Tokyo police arrest two for receiving stolen NEM cryptocurrency.

[Kemarit]

I think this news is a little bit outdated now or at least is not saying the right thing since the court is now ordering a seizure for the connected coins involved in the Coincheck hack. Although all the news I have read that is connectrd to this so far is still unclear on how the caught this people it looks like they have track them in the dark web as knowing purchasers of the stolen crypto.

Correct, and it seems that the title is misleading, it's a seizure and obviously this is done to freeze the assets until the investigation of the said loot is completed. And what has been seize is not the whole XEM and Bitcoin hacks, it's just a fraction. So most of the hacks are still in circulation or probably have been cash out. Tokyo police arrest two for receiving stolen NEM cryptocurrency.

They should chase where the rest of the stolen funds are. I agree that this is just a tip of the iceberg and I think that Takayoshi Doi is very sloppy by knowingly acquiring those crypto from the black market and then setting up a front to hide it. Very shady move indeed.

And still the question is where are the rest? If they track Takayoshi Doi getting it from someone in the dark web then they can definitely identify the source.

[gentlemand]

They should chase where the rest of the stolen funds are. I agree that this is just a tip of the iceberg and I think that Takayoshi Doi is very sloppy by knowingly acquiring those crypto from the black market and then setting up a front to hide it. Very shady move indeed.

And still the question is where are the rest? If they track Takayoshi Doi getting it from someone in the dark web then they can definitely identify the source.

A lot of it is long, long gone. I followed it at the time and the hacker was seriously brazen and was not hanging around. They were laundering it through services who refused to confiscate it, or just claimed not to particularly care. They also had some sort of tor shopfront selling it at a deep discount.

[btc_angela]

They should chase where the rest of the stolen funds are. I agree that this is just a tip of the iceberg and I think that Takayoshi Doi is very sloppy by knowingly acquiring those crypto from the black market and then setting up a front to hide it. Very shady move indeed.

And still the question is where are the rest? If they track Takayoshi Doi getting it from someone in the dark web then they can definitely identify the source.

A lot of it is long, long gone. I followed it at the time and the hacker was seriously brazen and was not hanging around. They were laundering it through services who refused to confiscate it, or just claimed not to particularly care. They also had some sort of tor shopfront selling it at a deep discount.

If that is the case it's probably gone and there's no way to track the majority of the hacks. And majority of it are NEM tokens which we don't know if by that time can be follow thru their blockchain by analysing it. Too bad that this person is caught, nevertheless he has to face the consequences because he did set up a front company to hide his money. So he is well aware that what he did is against their law.

[gentlemand]

And majority of it are NEM tokens which we don't know if by that time can be follow thru their blockchain by analysing it.

Yes. It's an open chain and they were tracking it, but the hacker was moving between accounts so fast that in some cases he got in and out of the exchanges that did pay attention before they knew it.

The stupidest thing of all is that even if they didn't want to pay $100 for a Trezor, and save themselves $500 million, NEM has on chain multi sig which is of course free and ready to go. Did Coincheck use it? Nope.

[sheenshane]

They should chase where the rest of the stolen funds are. I agree that this is just a tip of the iceberg and I think that Takayoshi Doi is very sloppy by knowingly acquiring those crypto from the black market and then setting up a front to hide it. Very shady move indeed.

And still the question is where are the rest? If they track Takayoshi Doi getting it from someone in the dark web then they can definitely identify the source.

A lot of it is long, long gone. I followed it at the time and the hacker was seriously brazen and was not hanging around. They were laundering it through services who refused to confiscate it, or just claimed not to particularly care. They also had some sort of tor shopfront selling it at a deep discount.

I have this question bothered in mind, do you think if the said amounts are sold, should the buyer be considered as one of the alleged suspects? And if the authorities investigate that case and trace the transactions made, how can they find it? There are too many ways toa hide their identity and might they will use dark web users are slick, and every minute addresses change or even in Bitcoin mixer.

Anyway, IMO, banning cryptocurrency in Japan will not help to them to derecrease scammers. Believe me, they don't ban crypto on japan.

[gentlemand]

I have this question bothered in mind, do you think if the said amounts are sold, should the buyer be considered as one of the alleged suspects? And if the authorities investigate that case and trace the transactions made, how can they find it? There are too many ways toa hide their identity and might they will use dark web users are slick, and every minute addresses change or even in Bitcoin mixer.

The hacker was so fast moving I think he was absolutely committed to getting out of it and gone as quickly as possible. Judging by the way they acted no way would they want any of it to remain, or have any link to it.

The buyers clearly knew what they were buying. I think someone said that the tor site selling the hacked XEM, where it was heavily,heavily discounted, had a photo of Kim Jong Un rubbing his hands on it so it was totally obvious it was the stolen property. And of course you would've had to know it was there and what it was to find the site in the first place. It all happened very rapidly.

[Baofeng]

I have this question bothered in mind, do you think if the said amounts are sold, should the buyer be considered as one of the alleged suspects? And if the authorities investigate that case and trace the transactions made, how can they find it? There are too many ways toa hide their identity and might they will use dark web users are slick, and every minute addresses change or even in Bitcoin mixer.

The hacker was so fast moving I think he was absolutely committed to getting out of it and gone as quickly as possible. Judging by the way they acted no way would they want any of it to remain, or have any link to it.

Yeah, just like ordinary criminals, once they got the item, they want to dispose it that quick so that there will be no trace evidence. So they are willing to sell at a discount and buyers knew they are illegal. We have this so called law here, Anti-Fencing law which is criminal act itself.

The buyers clearly knew what they were buying. I think someone said that the tor site selling the hacked XEM, where it was heavily,heavily discounted, had a photo of Kim Jong Un rubbing his hands on it so it was totally obvious it was the stolen property. And of course you would've had to know it was there and what it was to find the site in the first place. It all happened very rapidly.

And that site that is selling those illegal NEM simply disappear and replace by this. 

[Harlot]

They should chase where the rest of the stolen funds are. I agree that this is just a tip of the iceberg and I think that Takayoshi Doi is very sloppy by knowingly acquiring those crypto from the black market and then setting up a front to hide it. Very shady move indeed.

And still the question is where are the rest? If they track Takayoshi Doi getting it from someone in the dark web then they can definitely identify the source.

A lot of it is long, long gone. I followed it at the time and the hacker was seriously brazen and was not hanging around. They were laundering it through services who refused to confiscate it, or just claimed not to particularly care. They also had some sort of tor shopfront selling it at a deep discount.

I have this question bothered in mind, do you think if the said amounts are sold, should the buyer be considered as one of the alleged suspects? And if the authorities investigate that case and trace the transactions made, how can they find it? There are too many ways toa hide their identity and might they will use dark web users are slick, and every minute addresses change or even in Bitcoin mixer.

Firstly if you are buying your crypto in the internet why would you be buying it on the dark web and not into normal websites and exchanges find in our regular browsers? Just by buying crypto in the dark web you are just making yourself a target for the authorities simply because the nature you buy it is from mostly an unknown origin. Of course the authorities will still need evidence that you bought stolen crypto unknowingly but I'm sure just by buying crypto without any KYCs on the dark web will automatically make you suspicious to them.

[Jating]

They should chase where the rest of the stolen funds are. I agree that this is just a tip of the iceberg and I think that Takayoshi Doi is very sloppy by knowingly acquiring those crypto from the black market and then setting up a front to hide it. Very shady move indeed.

And still the question is where are the rest? If they track Takayoshi Doi getting it from someone in the dark web then they can definitely identify the source.

A lot of it is long, long gone. I followed it at the time and the hacker was seriously brazen and was not hanging around. They were laundering it through services who refused to confiscate it, or just claimed not to particularly care. They also had some sort of tor shopfront selling it at a deep discount.

I have this question bothered in mind, do you think if the said amounts are sold, should the buyer be considered as one of the alleged suspects? And if the authorities investigate that case and trace the transactions made, how can they find it? There are too many ways toa hide their identity and might they will use dark web users are slick, and every minute addresses change or even in Bitcoin mixer.

Anyway, IMO, banning cryptocurrency in Japan will not help to them to derecrease scammers. Believe me, they don't ban crypto on japan.

The seller didn't hide everything, actually they open a website and broadcast everything. So if you are a serious buyer and knowingly that you are buying a stolen crypto, would you risk it as you are going to be identified? And during that time, perhaps they thought that they are not going to be found out by the authorities.

And if you are the buyer, of course they will also "suspect" you as one of the hackers, just basic investigation theory.

So if you look closely though, it's not that Japan are going to ban crypto, they have legalised in 2017. What the article says that crypto being bought from the Coincheck hack are going to be ban, two different thing.