Skip to main content

Over $6.2 Mln In Crypto Assets Lost To Fraud, Hacks In Japan Last Year



Over $6.2 mln (662.4 mln yen) of cryptocurrency was lost in 2017 due to fraud and theft, according to statistics released from Japan’s National Police Agency (NPA), local news outlet Nikkei reports today, March 22.
This number does not include the over $500 mln hack of NEM from Japanese crypto exchange Coincheck in late January.
Nikkei writes that 16 virtual currency exchanges and 3 companies with crypto wallets -- not noting any by name -- were the victims of all of the 2017 recorded crypto hacks, according to the NPA. Out of the 149 cases of “unauthorized access” to crypto accounts, in about 80 percent of cases (122 cases) the wallets did not use “two-factor authentication,” only using ID and password, Nikkei reports.
The currencies that make up the largest percentage of the hack are Bitcoin(BTC) (85 BTC lost), Ripple (XRP) (55 XRP), with 13 other altcoins included as well.
By NPA data, the number of hacks increased per month as BTC’s price increased -- 9 unauthorized attempts in April 2017, 19 in May, and 41 in June. There were 425 cases of illegal online transfers of fiat currencies, which is less than ¼ of the amount noted by the NPA in 2014.
After the Jan. Coincheck hack, Japan’s Financial Services Agency (FSA) conducted on-site inspections of the 15 as-of-yet unregistered Japanese crypto exchanges. Of the 15, 7 were then given business improvement notices, and 2 had their operations temporarily suspended, due to a lack of “the proper and required internal control systems.”
Cointelegraph

Comments

Post a Comment

Popular posts from this blog

Petro – The First National Cryptocurrency

World governments are slowly realizing that cryptocurrencies have come to stay. They are being discussed in   G20 meetings , the United States has been taking every necessary measure in order to regulate and tax cryptocurrencies and, late last year, we even saw the   first regulated ICO   in Canada. It seems progression is being made towards adoption and there are already plans to create the first ever national cryptocurrency. Dubai, the largest and most wealthy city in the United Arab Emirates (UAE), has   plans for issuing emCash , a cryptocurrency that would have become the first ever to be backed by a state or government. However, it seems they were beaten by the punch… El Petro Venezuela will become the first country to have its own national cryptocurrency, the Petro (PTR). The project is backed the president Nicolas Maduro and, according to the   whitepaper , the original idea came from the previous president, Hugo Chavez. He wanted a “strong cur...
Post a Comment
Read more

DECENTRALIZED FINANCE; WHAT IS IT? – Part 1

      More than t en years gone down the lane, the block chain industry is yet to disappoint with it ever changing nature. Since the early adoption, the industry has since recorded a slow but progressive changes with the latest being the Decentralized Finance also referred to as Defi. What Decentralized Finance? ‘’DeFi is essentially just conventional financial tools built on a blockchain’’-blocknomi. These were previously built on the Ethereum network, but there is a growing number of players in this space such as Waves and Cosmos. ‘’ They are mostly predicated on open-source protocols or modular frameworks for creating and issuing digital assets and are designed to confer notable advantages of operating on a public blockchain like censorship-resistance and improved access to financial services’’ Example of a growing number of Defi Dapps on the waves platform is the Neutrino token - https://beta.neutrino.at/neutrino/usd-n ...
Post a Comment
Read more