Japan: Crypto Thefts Have Tripled This Year, Totalling $540 Million So Far


#1

Japan’s National Police Agency has revealed that a staggering 60.503 billion yen ($540 million) worth of crypto was stolen in the first six months of 2018, Asahi Shimbun reports September 20.

The agency is said to have stated that the number of reported incidents involving crypto thefts has hit 158 over the course of the first half of this year, triple the number of incidents reported for the same time period in 2017.

For the entirety of 2017, around 662.4 million yen ($5.91 million) worth of crypto was reportedly stolen online, in 149 incidents – a figure dwarfed by almost 100-fold this year.

The largest single incident was the industry-record-breaking hack of crypto exchange Coincheck, in which the equivalent of 58 billion yen ($520 million) worth of NEM was stolen this January.

According to Asahi Shimbun, the remaining 2.5 billion yen ($22 million) stolen in crypto this year involved the hacking of individual accounts, rather than crypto exchanges. 60 percent of such cases reportedly involved individuals who use the same password across their email, e-commerce and online crypto dealings.

The report notes that the lion’s share of reported incidents was between January and March, with 120 cases accounting for 76 percent of the six-month total, followed by just 38 cases reported in April and June. Asahi Shimbun attributes this decline to “greater consumer awareness” triggered by the Coincheck theft, as well as intensified measures from both Japan’s Financial Services Agency (FSA) and the national police.

Largely due to the Coincheck case, thefts of NEM tokens accounted for 58.062 billion yen (almost $520 million) in 36 cases, with 860 million yen ($7.7 million) worth of Bitcoin (BTC) reportedly seized in 94 cases and 1.52 billion yen ($13.5 million) worth of Ripple (XRP) in 42 cases. Losses in Ethereum (ETH) totalled around 61 million yen ($540,000) in 14 incidents.

Police officials have reportedly said that their computer detection systems identified an increase in crypto-related hacking attempts as of August 2017.

Just yesterday, Cointelegraph reported on the hacking of 6.7 billion yen ($60 million) worth of crypto from Japanese exchange Zaif. According to local reports, as a result of a security breach on September 14, hackers managed to steal 4.5 billion yen ($40 million) from users’ hot wallets, as well as 2.2 billion yen ($20 million) from the assets of the company.

A server error was first detected on September 17, with the exchange only realizing it had been caused by a hack on September 18.

source: https://cointelegraph.com/news/japan-crypto-thefts-have-tripled-this-year-totalling-540-million-so-far


#2

hacking that occurs in Japan gives us an idea of how the human brain works. Technology is made human, there is always a gap that is damaged and utilized to damage the technology. I hope many people think about fixing the problem.


#3

A technology can be used to make the future or even break it. There are always negatives associated with positives, just like when we developed and created cars and jets, we polluted the mother earth (just an example) or guns were created to avoid the wars but they are the ones which are used every now and then for violence.

This is a kind of information which we understand that can happen anytime but still we chose to ignore it and contibute to invest in crypto but as soon as this info gets printed or shown in news, it affects the market very badly.


#4

Hopefully these hackers turn into bug hunters instead of stealing other people’s fund. They will earn that way to, they shall remember, success is earned through hard work and perseverance otherwise stolen funds will not last for a long time plus digital karma will take revenge. I honestly believe you will really reap what you sow. Just recently, a bug on monero was found again, good thing they made a patch for it. If that was not taken an action, monero funds will be doomed again.