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.
Customer Identification: Best Practices for Accurate Verification
Customer identification is a critical process for financial institutions and businesses to verify the identities of their customers, mitigate risks, and ensure compliance with regulations. Accurate customer identification helps...
Enhancing Security with Liveness Detection Technology
In an era where digital fraud is increasingly sophisticated, liveness detection technology has emerged as a critical tool for enhancing security. This technology ensures that the biometric data provided during identity...
Digital Onboarding: Streamlining Customer Onboarding Processes
Digital onboarding has revolutionized the way financial institutions and businesses welcome new customers. By leveraging technology, organizations can streamline the onboarding process, enhance user experience, and ensure...