Altcoin News

An 18-year old Japanese crypto hacker admits to stealing 15 million Yen

A Japanese crypto hacker has admitted to stealing crypto coins worth 15 million Japanese Yen in 2018. The 18-year old has been referred to prosecutors.

The hacker is said to have successfully penetrated into Monappy, a crypto wallet used to store Monacoin, and made away with roughly 15 million Yen which is equivalent to 136,196 U.S dollars. The Japanese crypto hacker hails from Utsunomiya, a Japanese city, and conducted the theft last year between mid-August and early September.

To cover his tracks, the Japanese crypto hacker used the Tor browser which promotes anonymous access to websites. However, despite being anonymous, law enforcement agencies in Japan were able to trace back the hacker using data left on Monappay’s servers.

The Japanese crypto hacker was able to illegally credit his own account by spamming the crypto wallet with transfer requests. The system gave in to the pressure allowing the hacker to credit his account with more funds.

According to Japan Today:

He [the Japanese crypto hacker] then put the stolen Monacoins in an account set up by a different cryptocurrency operator, received dividends in a different cryptocurrency and bought items such as a smartphone handset.

While speaking to the police, the Japanese crypto hacker said that he felt like he had “found a trick no one knows and did it if I were playing a video game.”

This is the first case in Japan where a crypto hacker has been charged despite billions worth of cryptocurrency being hacked from Japanese cryptocurrency exchanges. An example being the Mt Gox exchange which lost funds in 2014 and the case against its founder has never been brought to a solid conclusion.

The case by the Japanese crypto hacker is a clear indication that some crypto wallets, websites, and exchanges do not have any protection enabled. They are riding on the popularity of cryptocurrencies endangering investors’ digital wealth along the ride.

Do you think the Japanese crypto hacker shows how some crypto services lack the slightest form of security while purporting otherwise?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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