In line with a recent report by native news outlet ‘Japan Today’, a young hacker accused of stealing 15 Mln yen was referred to prosecutors within the Japanese city of Utsunomiya for stealing cryptocurrency.
The cybercriminal illegally hacked Monappy, a digital wallet application for smartphone, and stole 15 Mln yen [around $134,196 USD] of cryptocurrency between 14th Aug. and 1st Sept. of last year. The ‘hack‘ reportedly affected over more than 7,700 individuals.
The hacker reportedly deployed the Tor software that allows users to anonymize net traffic. However, the police located the hacker by analyzing the communication records held on the website’s server. In line with the native news agency, the hacker admitted to the allegations.
The alleged submitted multiple ‘cryptocurrency‘ transfer requests to his own account, that flooded the system and allowed him to direct additional funds to his account. After that, he transferred the coins to some other cryptocurrency operator, received dividends and then spent the money.
As ‘reported‘ earlier, there was no impact on the cold wallet, that stored 54.2 % of Monappy’s total balances, and no user info, like email addresses and passwords, was stolen. The firm lately declared compensation for the lost funds.
The alleged hacker’s identity is reportedly being not revealed due to his identity as a minor. In Japan, a minor is an individual below 20 yrs.
Earlier in 2018, above 7,000 cases of suspected laundering tied to cryptocurrency were ‘reported‘ to Japanese police. Over 7,000 suspect transactions reportedly betrayed numerous red flags — like being linked to user accounts stored under different names and birth dates, however with an identical ID photographs.
On a large scale, exchange hacks are the foremost lucrative modus operandi for cybercriminals in 2018, having generated near to $1 Bln in revenue. Following the initial hack, the cybercriminals typically transferred stolen funds to a plethora of wallets and exchanges so as to cover their tracks.