Cryptocurrency fraud is rising in Japan: 33 Cases

According to the Japanese consumers report, 33 cases on cryptocurrency fraud in the first seven months of 2017. It representing more than half a million dollars-worth of losses.

According to NPA (National Policy Agency) reports approximately, $710,848 in fraud thefts between January and July. Particularly, those complaints appear to have picked up as a progressed year. It is corresponding to the up-surging cryptocurrency market along with ¥17.3 million stolen in July.

The fraud cases involved cryptocurrencies like ether, Bitcoin and Ripple’s XRP. According to the reports, the majority of the year’s thus far relating to thefts of bitcoin.

Also Read: Calls for Caution on Cryptocurrency investing by UK Financial Regulator.

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 frauds’ accounts doesn’t contrivance two factor authentications. This provides an extra layer of security to digital accounts that necessitates a digital token to be able to log into account.

The NPA did not disclose that how cryptocurrency thieves avoided two factor authentications to transfer the funds. Up to date, none of the funds recognize have been improve. According, to The Mainichi, the polices agency says that stolen funds may have already been converts to other forms of money.



Show More

Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

15 + eleven =

Back to top button