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Author Topic: [2017-09-08] 33 Cases: Cryptocurrency Fraud Is on the Rise in Japan  (Read 3937 times)
rabeh boukhnona
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September 08, 2017, 05:59:49 PM
 #1

Japanese consumers reported 33 cases of cryptocurrency-related fraud in the first seven months of 2017, representing more than half a million dollars-worth of losses.

According to reports from Nikkei and The Yomiuri Shimbun, the National Policy Agency (NPA) reported roughly ¥76.5 million ($710,848) in fraud-related thefts between January and July. The pace of those complaints appears to have picked up as the year progressed – corresponding to the rising cryptocurrency market – with ¥17.3 million reported stolen in July alone.

The cases involved cryptocurrencies like bitcoin, ether and Ripple's XRP, the reports said, with the majority of the year's reports thus far relating to thefts of bitcoin.

According to The Mainichi, another Japanese newspaper:

  "Damages by virtual currency up to June 2017 were the most for Ripple, at 29.6 million yen, followed by bitcoin at nearly 29.3 million yen. Damages in other currencies ethereum and NEM amounted to 200,000 yen and 100,000 yen, respectively, among others."

The article notes that while many of the victims' accounts did not have two-factor authentication implemented, at least three accounts did. Two-factor authentication provides an extra layer of security to digital accounts, and requires a digital token to be able to log into an account.

The NPA did not reveal how the cryptocurrency thieves bypassed two-factor authentication to transfer the funds. And to date, none of the funds identified have been recovered. According to The Mainichi, the police agency said the stolen funds may have already been converted to other forms of money, including cash.

source: https://www.coindesk.com/33-cases-cryptocurrency-fraud-is-on-the-rise-in-japan/
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September 09, 2017, 05:14:13 AM
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This is quite expected and this is really true there will always be scams or frauds since time we can remember. Now, scam artists, hackers and phishers are having a field day celebrating because they just found a new platform where to spread their gloomy business.

Japan authorities should make sure that they have a strict law against these bad people so they can be contained and not make the whole of cryptocurrency associated with them. I know this can be additional burden for those in the law enforcement department but we hope they will also realize that they are serving the people this way.

The whole Bitcoin and cryptocurrency community should unite against these evil elements in our midst so they can be marginalized and not the ones taking the upshots.

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September 09, 2017, 06:54:01 AM
 #3

Fraudster is everywhere, not only bitcoin but mostly case is about cash or digital cash in form of cards (debit card, etc).
Thieves will try to anonymous, can't be traced but this is a good warn for everyone who involved in cryptocurrencies world, do your research, learn more how to secure your wallet and transact safely. 2Fa factor is a good layer, better than phone number authentication. Since bitcoin transaction is irreversible, make sure to make an offline wallet if you want to save it for long term, just put small amount in web wallet for daily transactions.
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September 09, 2017, 11:00:28 AM
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Cryptocurrency is money. So if there's money, there's people who wants to steal it from you. This is not new since a lot scams are popping out of nowhere. This means there's still people will fall for this. Cryptocurrency is the perfect opportunity to people but also perfect opportunity for trickster/fraudster because they are anonimous there. That's why AML/KYC policy was implemented to other countries to avoid or atleast minimize this kind of things. Atleast from this policy, they can monitor users and regulate at the same time. They should have also added 2 FA for added layer of protections against hackers.

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September 09, 2017, 11:23:14 AM
 #5

Not surprise that a lot of people will commit scam or hack in the name of bitcoin. The price as of late is very high that's why hackers and scammers are victimizing unsuspecting clients. The articles says that those victim don't use 2FA which is a must for crypto traders, investors. They learn it the hard way though, but I'm sure they already made the necessary adjustment so that they won't be the victims again. Its just really sad to see those who have been victims here. Moral lesson here is that you should protect your funds at all cost because its your money anyway.

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