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Tokyo District Court Ordered Japan’s First Bitcoin Seizure

The Tokyo District Court has set a legal precedent for the cryptocurrency industry in Japan, by issuing the first-ever Bitcoin seizure in the nation’s history.

The Tokyo District Court ordered a seizure of nearly $50,000 worth of Bitcoin (BTC) in relation to a cyberattack hack that was enacted against Coincheck exchange in 2018—setting a Japanese legal precedent as the first issued cryptocurrency seizure.

According to Japanese media publication Kyodo, the seizure order was issued at the request of the Tokyo Metropolitan Police Department.

The police have already seized the Bitcoin which was being hoarded by a Hokkaido doctor and executive from Osaka. Both men were arrested in March 2020, for their involvement in the hack against Coincheck Exchange.

The Hokkaido doctor and Osaka executive we accused of purchasing the stolen cryptocurrency, which at the time was in the form of NEM (XEM) through the dark web. Both men were allegedly aware of the illicit status of the currency which violates the organized crime laws of the country.

Coincheck suffered an attack that saw over $500 million worth of the cryptocurrency NEW stolen from its wallets. While the arrested Japanese men are complicit in have purchased the stolen goods, it was revealed that the personal computers of Coincheck employees were allegedly found to have been infected by a virus associated with Russian hackers.

Former Nissan CEO Wanted in Japan

Japanese authorities are currently looking for Carlos Ghosn, the former Nissan Motors CEO and Chairman, who allegedly paid cryptocurrency worth nearly $500,000 to escape criminal charges he was facing in Japan.

According to a court filing by US prosecutors, Ghosn fled Japan to his native country Lebanon on board a private jet is hidden in a musical equipment box. It is claimed that the crypto payment was made between January and May this year, but before this, Carlos had wired $862,500 to a firm linked to Peter Taylor in October 2019 before his December getaway.

Some of the financial crime charges that Ghosn faced in Japan included understating his compensation in Nissan Motors’ financial statements. Japanese prosecutors claimed that he only declared nearly $88 million, and this was only half of what he received between 2011 and 2015.

Cardano (ADA) and NEM(XEM) Price Analysis – March 10,2021

As Bitcoin has soared in the past week and has touched the psychological barrier of $55K today, most virtual currencies have risen as well. Despite the crypto market being generally bullish at the moment, altcoins have differed in their performances. Cardano (ADA) and NEM (XEM) for example, have had completely different trajectories.

Cardano, with a market cap of more than $37,494,584,458, is currently ranked fourth. The altcoin has fallen by 5.45% in the past 7 days. As for NEM, it has become the virtual currency with the largest decline, as high as 22.72% within 7days.

Cardano(ADA) Price Analysis

Source: ADA/USD Daily via TradingView

From the daily candlestick chart of Cardano(ADA), it can be observed that ADA has been on a downtrend since its rise to a new all-time high (ATH) of $1.485 on February 27. At the time of writing, ADA is trading at $1.1621.

Although ADA’s chart indicates a pattern of candlesticks that have all closed above the 20-day Moving Average line for the past four days, a shrinking trading volume can be observed. This means that the bulls have failed to prompt a strong rebound for ADA.

It can be seen from the MACD chart that the blue MACD line has already crossed the signal orange line, forming a death cross. Since there is currently a lack of active buying, the price of ADA will continue to undergo a downward trend in the short-term.

From a technical perspective, according to the Fibonacci Retracement levels that indicate where support and resistance are likely to occur, the bears may now manage to push ADA’s price to the 20-day moving average support level of around $1.10. If ADA fails to sustain itself at the $1.10 level, the altcoin may move downwards to $1.08. If ADA breaks down from $1.08, it may fall to a 61.8% level Fibonacci Retracement level of $0.8365, a clear bearish signal.

However, if ADA manages to rebound higher from $1.10, it may retest its previous high of $1.48.

NEM(XEM) Price Analysis

Source: XEM/USD Daily via TradingView

It can be seen from the daily candlestick chart of NEM(XEM) that since the highest point of $0.93406 was created on March 3, the broader market correction has hurt the price of NEM, which has dropped by 23.54% in the past 7 days and by 10.55% in 24 hours. At the time of writing, NEM is trading at $0.6414.

Although XEM is showing a downward trend, the rebound of the cryptocurrency from its various support levels such as the exponential moving average ribbon on the chart shows that XEM is still in a healthy upward trend within the ascending channel we draw in the figure.

Currently, the bears are retesting the 20-day Exponential Moving Average around $0.625 level of support and are doing their best to push the price out of the rising channel. Therefore, whether it can close above the lower support line of the rising channel today will be crucial.

From a technical perspective, RSI points downward from the 60 mark. In the short term, it should still be in a short-lived bearish market. The first support level is the 20-day Exponential Moving Average. If XEM can stand over $0.625, then the bulls will still control the whole market and the price will not correct sharply.

If the bulls fail to maintain this level, then the bears will suppress NEM’s price, forcing it to test the next support level 50-day of $0.48821, which is the 50-day Exponential Moving Average.

BETA, BOND, WTC, and XEM Added to Binance's Monitoring Tag List

Binance has expanded its Monitoring Tag list to include Beta Finance (BETA), BarnBridge (BOND), Waltonchain (WTC), and NEM (XEM) as of October 4, 2023, according to Binance official blog. The Monitoring Tag serves as a risk indicator for tokens with elevated volatility and risk.

The Monitoring Tag is a feature on Binance that flags tokens with higher volatility and risk compared to other listed assets. Binance performs regular reviews of these tagged tokens based on a comprehensive set of criteria. These criteria include the team’s commitment to the project, the level and quality of development activity, trading volume and liquidity, and the stability and safety of the network from attacks, among others. Tokens that consistently fail to meet these criteria are at risk of being delisted from the platform.

To trade these tagged tokens, Binance mandates that users pass quizzes every 90 days on its Spot and Margin trading platforms. These quizzes aim to ensure that traders are fully aware of the risks involved in trading such volatile assets. Additionally, a risk warning banner is displayed on the trading pages for these tokens, serving as an extra layer of caution for traders.

Binance’s decision to extend its Monitoring Tag to these four tokens is part of a broader industry trend towards increased scrutiny and risk management. On September 6, 2023, Coinbase announced that it would suspend trading for BarnBridge (BOND) and other tokens. Similarly, OKX revealed plans to delist several trading pairs, including XEM, that did not meet its listing criteria on September 21, 25, and 26.

Binance has committed to conducting periodic reviews to reassess the Monitoring Tag status of tokens. This is part of the exchange’s broader strategy to foster a transparent and sustainable cryptocurrency ecosystem. The Monitoring Tag serves as a tool for both the exchange and its users to manage risk effectively, and its extension to include more tokens is indicative of a maturing market that is increasingly focused on risk management and compliance.