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/

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Coming back for its second year, the annual global blockchain product development conference will be...

October 11, 2019

Thailand Blockchain Landscape Report: The 5 Features of a Must-Read Industry Resource
Published by ABR in its efforts to build a technological foundation for blockchain in the region, th...

October 11, 2019

Token News to Host Conference on Trading, Investment and Finance in November
Token News PH Consultancy, Inc., a leading start-up in the field of blockchain technology, will host...

October 11, 2019

Five Features of the Essential Vietnam Blockchain Landscape Report
Asia Blockchain Review is poised to release its much-anticipated Vietnam Blockchain Landscape Report...

October 8, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us