A thread holding multiple lock goes into wait() state. Does it release all holding locks?

I wrote this program to check if a thread t1 holding lock on two different objects : Lock.class and MyThread.class goes into waiting mode on MyThread.class instance using MyThread.class.wait().It does not release lock on Lock.class instance. why so ? I have been thinking that once a thread goes into wait mode or it dies it releases all the acquired locks.

public class Lock {

protected static volatile boolean STOP = true;
public static void main(String[] args) throws InterruptedException {
    MyThread myThread = new MyThread();
    Thread t1 = new Thread(myThread);
    t1.start();
    while(STOP){
    }
    System.out.println("After while loop");
    /*
     * 
     */
    Thread.sleep(1000*60*2);
    /*
     * Main thread should be Blocked.
     */
    System.out.println("now calling Check()-> perhaps i would be blocked. t1 is holding lock on class instance.");
    check();
}

public static synchronized void check(){
    System.out.println("inside Lock.check()");
    String threadName = Thread.currentThread().getName();
    System.out.println("inside Lock.Check() method : CurrrentThreadName : "+ threadName);
}
}


class MyThread implements Runnable{
public MyThread() {
}

@Override
public void run() {
    try {
        System.out.println("inside Mythread's run()");
        classLocking();
    } catch (InterruptedException e) {
        e.printStackTrace();
    }
}

public static synchronized void classLocking() throws InterruptedException{
    System.out.println("inside Mythread.classLocking()");
    String threadName = Thread.currentThread().getName();
    System.out.println("inside MyThread.classLocking() : CurrrentThreadName : "+ threadName);
    /*
     * outer class locking 
     */
    synchronized (Lock.class) {
        System.out.println("I got lock on Lock.class definition");
        Lock.STOP = false;
        /*
         * Outer class lock is not released. Lock on MyThread.class instance is released.
         */
        MyThread.class.wait();
    }
}
}