Japanese police: Crypto currency thefts lead to JPY 59.2m in losses in H1 2017

Maria Nikolova

Crypto currency thefts, resulting in losses of JPY 59.2 million, were reported in 13 prefectures.

Cybercrime reports reached record high in the first six months of 2017, according to data from Japan’s National Police Agency.

The numbers, quoted by Nikkei, show 69,977 reports of cybercrimes were received by the police in the January-June 2017 period, up 4.9% from the equivalent period in 2016. This is the highest number of reports received since the publication of these statistics started.

More than 20 incidents involving the theft of Bitcoin and other crypto currencies were reported to the police, leading to losses of JPY 59.2 million (USD 543,000). There were 13 cases involving Bitcoin hacks, 11 cases involving Ripple and 2 cases involving Ethereum. There was also a report about several digital currencies having been attacked at the same time. Crypto currency thefts were reported in 13 prefectures.

Reports of online fraud accounted for more than half of all cybercrimes reported to the National Police Agency in the first half of 2017. Reports of unauthorized computer access and computer virus attacks rose by more than 50% year on year to 6,848 cases.

The fresh numbers are announced by the Japanese police as authorities from various jurisdictions across the globe are warning about the risks associated with virtual currencies and ICOs. Warnings have been issued in China, Hong Kong, the United States, Canada, Singapore, the Netherlands and Russia, where the Central Bank of Russia reiterated its warning from 2014, which states that issue and use of crypto currencies may be treated as a violation of the national anti-money laundering laws.

Japan’s laws have been favourable towards virtual currency businesses. Many companies, including GMO Internet Inc. (TYO:9449), have recently entered the Bitcoin exchange segment.

However, the so-called “fork” from early August which saw Bitcoin split into Bitcoin Cash and Bitcoin, as well as the recent volatility in the prices of crypto currencies, have prompted Japanese regulators to adopt more cautionary attitude. The Financial Services Agency (FSA) is reported to be taking extra time to review applications of businesses willing to enter the virtual currency segment.

Read this next

Digital Assets

US court rules crypto trades as securities in Coinbase case

A US court ruled that trading crypto assets on platforms like Coinbase constitutes securities transactions.

Market News

Weekly Data: Oil and Gold: Brief Review before the NFP

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

Institutional FX

FXSpotStream reports lower volumes for February 2024

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for February 2024, which moved lower on a monthly basis.

Fundamental Analysis

Global FX Market Summary: EUR, USD, Gold March 4th,2024

US Dollar Weakness: The US Dollar (USD) is currently struggling to gain strength due to a combination of factors.

Technical Analysis

Bitcoin Technical Analysis Report 4 March, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January)


Finding Opportunity in Challenge: Why New Regulations Offer a Chance For Business to Get on Top of Data Management

The combination of CESOP, PSD3 and the PSR, has put businesses under new pressures. In this engaging article, André Casterman, Senior Advisor at Intix provides invaluable guidance on how companies can stay ahead of the curve.

Institutional FX

Finalto launches Prime of Prime offering on LSEG’s FX Matching venue

“By combining our expertise in Prime of Prime services with LSEG’s robust trading platform, we aim to empower clients with the tools and resources needed to navigate the FX market with confidence.”

Digital Assets

Tether’s USDT stablecoin nears 100 billion in circulating supply

USDT, the world’s largest stablecoin, has reached close to 100 billion in circulating supply, currently sitting at around 99.5 billion. Its market capitalization, which reached over $100 billion at one point, is calculated by multiplying the supply by the price.

Market News

5 Hot Stocks For March 2024

Entering March 2024 marks the beginning of the final stretch of the first quarter of the year, seemingly passing swiftly amidst market anticipation and global economic factors.