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Japanese police charged 30 people for their alleged involvement in illegal transactions linked to Coincheck hack.

Japanese police charged 30 people for their alleged involvement in illegal transactions linked to the $530 million Coincheck hack that took place back in 2018. Tokyo authorities traced all individuals’ transactions to different places across the nation. Initially, Nikkei reported that the suspects were arrested or their cases have been referred to the prosecutors’ office. However, Kyodo […]

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Japanese police charged 30 people for their alleged involvement in illegal transactions linked to the $530 million Coincheck hack that took place back in 2018. Tokyo authorities traced all individuals’ transactions to different places across the nation. Initially, Nikkei reported that the suspects were arrested or their cases have been referred to the prosecutors’ office. However, Kyodo later confirmed that all 30 people were arrested and now under police custody, citing familiar sources.

The suspects converted hacked NEM coins stolen from Coincheck. 

Police revealed that cyber-investigators traced accounts involved in the illicit transactions to “conventional” crypto exchanges. Prosecutors stated that the suspects converted hacked NEM coins stolen from Coincheck, making it easy to identify all the individuals. Kyodo also revealed that trading transactions from the 30 suspects are estimated to be worth over $96 million, using the theft time’s exchange rate. Moreover, authorities stated that the individuals knew such cryptos belonged to the hacking incident. The Metropolitan Police Department of Tokyo didn’t disclose the suspects’ identities, as they’re still in the investigation phase.

Japanese police arrested two suspects related to the major hack.

In March 2020, two hackers, identified as Masaki Kitamoto and Takayoshi Doi, were arrested by Japanese police. Kitamoto admitted wrongdoing; he claimed to have stolen over $19 million from Coincheck’s hack. Additional charges were filed by the authorities later. The hackers pocketed 523 million NEM from Coincheck on Jan. 26, 2018. At the time, the coins’ estimated value totaled $530 million, which has since declined. Today, the stolen tokens are worth just $38 million. Coincheck’s theft remains the biggest in the cryptocurrency industry, together with the Mt. Gox’s $460 million hack of 2014. 

Source: https://coinnounce.com/japanese-police-charged-30-people-linked-to-coincheck-hack/

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Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front

Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000. Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop. The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation. Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially,

The post Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front appeared first on Coingape.

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  • Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000.
  • Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop.
  • The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation.

Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially, traders anticipated support at the 100 Simple Moving Average (SMA) and the 50 SMA on the 4-hour chart, but the gravitational force seems extremely hard to stop.

Meanwhile, the bellwether cryptocurrency is trading slightly above $47,000. Short-term technical analysis shows that the least resistance path is downwards. This is emphasized by the Moving Average Convergence Divergence (MACD) on the same 4-hour chart.

The trend momentum indicator has also flipped bearish following the MACD line (blue) cross under the signal line. Additionally, the technical indicator is falling toward the midline and may extend the action into the negative region.

Bitcoin is expected to secure support at the 200 SMA to halt the losses. However, if push comes to shove, BTC will extend the bearish leg to $42,000 due to the lack of a robust support area.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The In/Out of the Money Around Price (IOMAP) model by IntoThepBlock bolsters the massive resistance ahead of the flagship cryptocurrency. Recovery from the current price levels to $50,000 will not come easy, especially with the selling pressure between $48,450 and $49,816. Here, nearly 1.1 million addresses had bought 504,000 BTC.

BTC IOMAP model
Bitocin IOMAP model by ITB

On the flip side, the same on-chain model reveals that Bitcoin’s downside is also strongly supported, which means that losses as far as $42,000 may not come into the picture. Consolidation may take place owing to the support running from $45,660 and $47,026. Here, approximately 739,000 had purchased 445,000 BTC.

The post Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front appeared first on Coingape.

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Source: https://coingape.com/82773-2/

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