Cryptocurrency Fraud Rising In Japan

September 8, 2017 8:32 pm Published by

Japanese consumers had reported 33 cases of cryptocurrency-related crimes in the first seven months of 2017 that would fall under fraud laws, totaling more than half a million dollars-worth of losses, according to

Reports from Nikkei and The Yomiuri Shimbun said that the National Policy Agency (NPA) reported around ¥76.5 million ($710,848) in fraud-related thefts between January and July, the pace of which is advancing compared to 2016.

The cryptocurrency market has been rising steadily this year around the world but that also means the crime related with the method has been rising as well with ¥17.3 million reported stolen in July alone.

The cases involved cryptocurrencies including bitcoin, ether, and Ripple’s XRP, the reports said, but said that the majority of the reports were from thefts of bitcoin.

“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,” Japanese newspaper The Mainichi reported on Friday.

The article said that many of the victims’ accounts did not have two-factorr authentication implemented, but at least three accounts who were defrauded did.

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