Japanese Minor to be Tried for Crypto Theft

April 8, 2019

An unnamed Japanese minor, who allegedly stole ¥15 million’s worth of digital money, will be tried for cyber theft of cryptocurrency.

The report said an 18-year-old has been sent off to prosecutors after confessing to his crime of illegally transferring ¥15 million or approximately US$134,340 of MonaCoin (MONA) to himself. The transfers were made between August 14th and September 1st, 2018, during which he allegedly stole from more than 7,700 traders. Japan considers people under the age of 20 minors, hence the nondisclosure of the hacker’s name.

According to Coindesk, the young perpetrator was able to exploit a glitch on the Monappy website, a platform for MonaCoin trade. Over the course of about two weeks, he submitted multiple cryptocurrency transfer requests to his personal account, after which he transferred the stolen coins to another account on another platform, from which he is awarded dividends.

According to a police report, the hacker used the stolen funds to purchase smartphones and other items.

Japan Times has called it the country’s first case of cryptocurrency theft.

The operator of Monappy has stated that the MonaCoins kept offline, or about 54.2 percent of its total balances, were not affected. Only those stored through a system with internet connection were stolen.

According to Japan Times, the country has continued to battle crypto hacking and digital heists, as more and more buyers engage in crypto trade.

Last year, Japanese cryptocurrency regulator Financial Services Agency called on exchange operators to improve token security.

Sources: https://www.coindesk.com/

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