33 cases: Japan’s number of encrypted money fraud cases is on the rise


nnnThe Nikkoi and Yomiuri Shimbun reported that from January to July 2017, the Japanese Police Department (NPA) received a total of 33 worth of 76.5 million yen ($ 710848 ) Encrypted money theft cases. At the same time, the rate of increase in the number of cases has also been accelerated, a single month in January there is a value of 17.3 million yen of assets stolen. However, NPA did not disclose how the encrypted currency thieves bypassed double authentication to transfer funds, and so far, did not recover any funds.n
nnTranslation: Clovern
nIn the first seven months of 2017, Japanese consumers reported 33 fraud cases involving encrypted money, totaling more than $ 500,000.n
nAccording to Nikkei and The Yomiuri Shimbun, the Japanese National Police Agency (NPA) announced a case of fraudulent theft of about 76.5 million yen ($ 710848) between January and July. The increase in the number of complaints cases also seems to have accelerated over time (corresponding to the growing money market), and it is reported that only $ 17.3 million worth of assets were stolen in only one month in July.n
nReported that these cases related to Bitcoin, Taiba currency and Reebok XRP and other encrypted currencies, and so far this year most of the cases were stolen with the bit currency theft.n
nAccording to another Japanese newspaper “Daily News” reported:n
nn”By June 2017, the largest loss of virtual currency was Reebok, which reached 29.6 million yen, followed by Bitcoin, which reached 29.3 million yen, while other encrypted currencies were added to the new currency (NEM) Amounting to 200,000 yen and 100,000 yen respectively.n
nnThe article pointed out that although most of the stolen accounts did not implement dual authentication (two-factor authentication), but at least three accounts is to open the certification. The dual authentication provides an additional security layer for the digital account and requires a digital token to log in to the account.n
nNPA did not disclose how the encrypted currency thieves bypassed double authentication to transfer funds. But so far, did not recover any funds. According to “Daily News” reported that the police said the funds are likely to have been converted into other forms of money (including cash).n

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