After receiving an order from the Tokyo District Court, Japan would be confiscating cryptocurrencies for the first time, <a href="https://www.japantimes.co.jp/news/2020/08/19/national/crime-legal/cryptocurrency-coincheck-cyberattack/#.Xz5e2ugzbIU" target="_blank" rel="noopener">reported</a> Japan Times.

It is believed that NEM cryptocurrencies which were stolen from the crypto exchange Coincheck Inc. in the year 2018, would be confiscated now.

Notably, Bitcoin worth $46,000, which were also stolen from the Coincheck platform, has recently been seized.
<h2>Takayoshi Doi Holds Stolen NEM </h2>
While reporting about Bitcoin’s seizure, another media outlet in Japan, Kyodo, has stated that the police have seized the Bitcoin from a doctor named Takayoshi Doi, who belonged to Hokkaido, and from Osaka Prefecture’s executive.

The report further stated that Doi was already arrested in March 2020, by the Japanese Police for allegedly holding NEM tokens. When the authorities confiscated the tokens Doi admitted that he knew those were the tokens stolen from Coincheck exchange.

As per the report in the year 2018, the hackers breached into Coincheck and had stolen a total of 500 million NEM worth $530 million.
<h2>Monex Group Acquires Coincheck</h2>
A few months back, the Metropolitan Police Department of Tokyo requested the district court of Japan to release a protective order in concern with the stolen cryptos, says an unidentified source. It further mentioned that on March 30, the Toyo District Court has given its approval to the request.

During the investigation, if authorities found that Doi was behind this illegal activity then, they will not only confiscate the stolen cryptos but also those he used to own.

In the year 2018, when the crypto exchange was hacked, it suffered a huge loss, and later, the online trading giant in Japan, Monex Group, acquired it. 

Further, it has been reported that Coincheck and Monex Group finalized the deal in $33.5 million.

However, in June 2020, the Coincheck exchange was again compromised, which provided access to the platform’s domain registration service to the unauthorized third parties.
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Tokyo Court Releases Protective Order To Confiscate Coincheck’s NEM

After receiving an order from the Tokyo District Court, Japan would be confiscating cryptocurrencies for the first time, reports Japan Times.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Tokyo Court Releases Protective Order To Confiscate Coincheck’s NEM

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