Japan: Hacker Involved in 15 Mln Yen Crypto Theft Referred to Prosecutors

An 18-year-old cryptocurrency hacker was reportedly referred to prosecutors in the Japanese city of Utsunomiya for the theft of 15 million yen worth of cryptocurrency.

An 18-year-old hacker was referred to prosecutors in the Japanese city of Utsunomiya for stealing cryptocurrency, local news outlet Japan Today reported on March 14.

The cybercriminal allegedly hacked Monappy, a digital wallet which can be installed on a smartphone, and stole 15 million yen ($134,196) of cryptocurrency between Aug. 14 and Sept. 1 of last year. The hack reportedly affected more than 7,700 users.

The hacker reportedly used the Tor software that enables users to anonymize web traffic. However, the police identified the hacker by analyzing the communication records stored on the website’s server. According to Japan Today, the hacker admitted to the allegations.

The attacker submitted multiple cryptocurrency transfer requests to his own account, which overwhelmed the system and allowed him to direct more funds to his account. After that, he transferred the coins to another cryptocurrency operator, received dividends and spent the money.

As Cointelegraph Japan previously reported, there was no impact on the cold wallet, which held 54.2 percent of Monappy’s total balances, and no user information, such as email addresses and passwords, was stolen. The company subsequently announced compensation for the lost funds.

The alleged hacker’s identity is reportedly being kept anonymous due to his status as a minor. In Japan, a minor is a person under 20 years of age.

In 2018, over 7,000 cases of suspected money laundering tied to crypto were reported to Japanese police. More than 7,000 suspect transactions reportedly betrayed various red flags — such as being linked to user accounts held under different names and birth dates, but with an identical ID photo.

On a global scale, exchange hacks have been the most lucrative modus operandi for cyber criminals in 2018, having generated close to $1 billion in revenue. Following an initial hack, the cybercriminals often move stolen funds to a plethora of wallets and exchanges in order to cover their tracks.

COMMENTS

By Readers$type=blogging$cate=2$count=6

Name

Analysis,498,News,2978,Press Releases,338,Sponsored,137,
ltr
item
CryptoNomus: Japan: Hacker Involved in 15 Mln Yen Crypto Theft Referred to Prosecutors
Japan: Hacker Involved in 15 Mln Yen Crypto Theft Referred to Prosecutors
https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9lYzdjZjU3OThkNWU3MGYxMzRiNDE3MWUxYWJiYzlkNi5qcGc=.jpg
CryptoNomus
https://www.cryptonom.us/2019/03/japan-hacker-involved-in-15-mln-yen.html
https://www.cryptonom.us/
https://www.cryptonom.us/
https://www.cryptonom.us/2019/03/japan-hacker-involved-in-15-mln-yen.html
true
4884201149675661183
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy