Japanese court orders seizure of stolen NEM from Coincheck


In a new development, Japanese court has ordered its first digital asset seizure as it has ordered the seizure of stolen NEM from Coincheck.

Making the report, the Japanese times said that the Tokyo district court told regulators to seize all the stolen NEM from Coincheck. It should be noted that about two years ago, Coincheck was a victim in a digital asset hack attack

Presently, the court has issued an order to protect the cryptos given the confiscation that was said to have been stolen from the digital asset exchange. In light of this situation, Bitcoin, which is worth around $46,000, has been confiscated.

Doi was indicted for protecting the digital assets

In another twist, a news outlet released a report which claimed that security operatives have already seized the digital assets from Takayoshi Doi, the previous holder. 

It should be noted that Takayoshi is a medical doctor, and he also doubles as one of the company’s executive members. Initially, Doi has been taken into custody after he purchased part of the stolen NEM from Coincheck. In a bid to protect the digital assets from confiscation in the future, Doi was indicted. Interestingly, a total of ¥58 million worth of NEM was stolen from the exchange.

Doi to forfeit stolen NEM from Coincheck if he is found guilty

Reports by some unnamed media outlets said it was the security operatives that prayed the court to grant the protective order which the court finally approved on March 30. 

If Doi is eventually tried and found guilty of purchasing some of the stolen NEM from Coincheck, then he would have no option than to forfeit all the digital assets he owns. 

Due to the harsh effects the hack caused on Coincheck, it was bought over by Monex Group as it tries to find its way back to the top. Coincheck made the news in June after it was a recipient of another breach which allowed unauthorized entry to third parties to see the registration details of its clients.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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