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Author Topic: [2018-04-05] Japanese Police Arrest Chinese Man for Selling Cryptocurrency Ex...  (Read 39 times)
limek
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April 05, 2018, 06:54:21 AM
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Japanese Police Arrest Chinese Man for Selling Cryptocurrency Exchange Accounts

During the height of the cryptocurrency trading mania, when major exchanges closed their doors to new clients in an effort to cope, it was not uncommon to see people offering big amounts to buy existing accounts. The following case should serve as a warning to anyone considering selling accounts, as you can never know what legal problems may arise.

Chinese Corporate Executive Arrested in Tokyo

The Japanese police revealed on Tuesday that they arrested a Chinese citizen in Tokyo for allegedly selling client accounts, at cryptocurrency exchanges he opened, to a group of criminals. The man is reportedly named Lin Xiaolin, and said to be a 30 years old corporate executive living in the Japanese capital city.

According to reports from China, the executive was arrested on March 15, 2018. He allegedly opened the accounts at a cryptocurrency exchange in Tokyo by accessing its server from his home country under the identity of a Vietnamese individual. The Chinese man has denied these allegations.

The police said that after opening an account, Lin immediately sold it off to a criminal group for approximately 100,000 yen (less than $1,000). He allegedly opened a total of six cryptocurrency exchanges accounts, and at least three of which were later used in some illicit transactions, the Tokyo police believe.

Read more: https://news.bitcoin.com/japanese-police-arrest-chinese-man-for-selling-cryptocurrency-exchange-accounts/
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April 10, 2018, 05:09:44 PM
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This makes a lot of sense. There was a time when Bittrex, binance, cryptopia, and other big exchanges had their doors closed for new members simply because their servers couldn't deal with the influx of crypto hype. So many people wanted to get into "trading crypto" and these exchanges just couldn't handle it.

So people resorted to buying accounts.

But it looks like these people he sold the accounts to where using them for "illicit trading" :/

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April 10, 2018, 05:24:14 PM
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What the government of Japan should be doing is putting up some sort of immunity deal for Lin Xiaolin in exchange of naming all the criminal groups he has sold fake accounts for instead of putting up the man in prison. In my own honest opinion Lin is somewhat a small fish here in the cryptocurrency criminal world, he is just making of 1,000$ for a fake exchange account, the criminals he is selling it too are probably making a hundred times more than what he is making. So they need to let Lin go in order to catch the bigger fish which are the criminals taking advantage of the cryptocurrency exchanges. Arresting Link is good but it won't be as good as catching the real bad guys.

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April 10, 2018, 07:21:00 PM
 #4

But it looks like these people he sold the accounts to where using them for "illicit trading" :/
What else will people buying these accounts look for? People with legitimate intentions and a functioning brain will never buy these accounts. If there is no way to access an exchange, they'll just use the next best alternative.

People have been quite active with selling exchange accounts on this forum as well. It just shows that everything is being taken as an opportunity by people to make money.

People selling these accounts quite often don't realize that it isn't only against the policies of the exchange itself, but also against the law, where the latter obviously has more severe consequences as we see here.

Authorities are slow with catching up, but slow doesn't mean they won't catch you in the process.

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April 11, 2018, 05:24:45 PM
 #5

good thing there is no bitcointalk police,since there were literally hundreds of exchanges' accounts offered on sale here
there were times when you could not register and so many people wanted to trade...
this guy was sentecned for identity theft and money laundering rather than opening the accounts
since they were used for illegal activities and he must have used identities to veify them

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