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

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”