Tokyo Police Arrest Buyers In $530M Cryptocurrency Hack
Two Men Arrested in Japan for Purchasing NEM Cryptocurrency Stolen from Coincheck
What Happened?
On March 11, 2020. Tokyo police arrested two Japanese citizens for alleged possession of NEM cryptocurrency that was stolen from the crypto exchange operator Coincheck in a massive cyberattack in 2018. According to investigative sources, the suspects were aware that the cryptocurrency they acquired was stolen from the exchange.
Who Is Impacted?
Virtual asset service providers, trustees, and OTC traders that buy, sell, or custody cryptocurrencies.
Why This Matters?
Supervisory technology for regulators, financial intelligence units, and law enforcement has become incredibly sophisticated. Firms such as CipherTrace, Elliptic, and Chainalysis allow regulators to follow the money, monitor wallets and entities in real-time, and quickly build a trail of evidence for prosecution. Exchanges and other virtual asset service providers need to respond to requests for information about the cryptocurrency transactions they facilitate.
What’s Next?
Any business that facilitates or promotes cryptocurrency or virtual asset transactions should ensure their anti-money laundering software is capable of identifying high-risk transactions.
Transaction monitoring software such as Alessa or ComplyAdvantage can help firms integrate blockchain data with know your customer (KYC) data, freeze or escalate transactions, and compile suspicious activity reports and regulatory filings.
learn more
Is your AML compliance too expensive, time-consuming, or ineffective?
iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.
Request a demo today.
2025 Outlook: Data Privacy and Security in KYB, KYC, AML Compliance
In today’s rapidly changing digital landscape, data privacy and security are more crucial than ever for compliance teams. As regulations tighten and cyber threats evolve, businesses must prioritize innovative solutions. Enter edge computing, a game-changer for KYC,...
A Quick-Start Guide to AML Compliance
Building a Robust AML Program: A Compliance Officer’s Guide
Learn how to streamline AML compliance with digital onboarding, automated SAR submissions, secure record keeping, and a risk-based approach.
The Future of KYB: Streamlined Verification for Seamless Business Transactions
KYB Made Easy: Streamlining Business Verification
Discover how modern KYB technology is simplifying business verification, making it faster, more secure, and user-friendly. Learn how automated checks, biometric verification, and real-time compliance can benefit your business.
The Future of KYC: A Digital Journey Through Verification
The Future of KYC: A Seamless Digital Experience
Explore how modern KYC technology is transforming identity verification, making it faster, more secure, and user-friendly. Discover the benefits of biometric authentication, blockchain security, and self-sovereign identity.