Japan Streamlines, Combines Its Cybercrime Forces, Opens New Tokyo Building

April 5, 2018 6:33 pm Published by

A new “Cyber” building containing 500 Japanese Metropolitan Police Department agent opened this week which will be dedicated to tackling cybercrime, Reuters reported.

The “Cyber” building, CoinTelegraph reported, will have six departments and strengthen cooperation between dispersed authorities.

The move comes following January’s $532-million hack of Japanese exchange Coincheck, dubbed the biggest crypto theft in history, the report said. Prior to that event, statistics released by Japan’s National Police Agency (NPA) revealed more than $6.2 million (¥662.4 million) in cryptocurrency was defrauded or stolen in 2017.

With the NEM Foundation’s tracking of the missing NEM (XEM) from Coincheck, CoinTelegraph reported, Japanese police were able to identify and question an individual in Tokyo in possession of Coincheck funds.

By mid-March, the report said, 40 percent of the stolen funds were said to have already been laundered, with stolen NEM (XEM) surfacing on exchanges in Japan and Canada. Tracking was subsequently called to a halt.

Japanese police received 69,977 reports of cybercrime between January and June of 2017, the report said. The NPA found 200,000 fake shopping sites in a cybersecurity survey December 2017. The websites were said to be written in “unnatural” Japanese.

In 2017, CoinTelegraph reported the average Japanese company spent $10.45 million to combat cybercrime. Japan saw a 52 percent increase in average organizational costs incurred by data breaches, according to a global IBM 2017 report.

Despite Coincheck and the notorious collapse of Tokyo-based Mt. Gox, about half the world’s Bitcoin trading is estimated to be in yen, the report said. Japanese Bitcoin owners number between 2-3 million, with 16 crypto exchanges registered under new licenses issued by the country’s Financial Services Authority (FSA).

WN.com, Jack Durschlag

 



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