A crypto scam in Japan, involving 100 million yen, has been uncovered, with Monero transactions helping police identify the criminal.
Monero Transactions Reveal Crypto Scam
In a significant breakthrough, Japanese police arrested a suspect behind a 100 million yen crypto scam. The scam involved laundering stolen funds through Monero (XMR), a privacy-focused cryptocurrency. Authorities traced the Monero transactions to arrest the scam’s organizer, marking the first time XMR data has been used in such a case.
Criminal Group Targeted Victims’ Credit Cards
The group, led by 26-year-old Yuta Kobayashi, carried out over 900 fraudulent transactions using credit card information obtained through phishing schemes. Victims were unaware of the transactions, and the stolen funds were laundered using Monero.
Fake Online Listings Deceived Victims
Kobayashi and his team created fake product listings on platforms like Mercari, manipulating the platform to believe transactions were legitimate. This allowed them to earn millions of yen.
Cyber Police Trace Monero’s Flow
Despite Monero’s design for privacy, cyber police successfully tracked Kobayashi by analyzing the flow of XMR coins. The authorities collaborated with other departments to crack down on this high-profile case.
Cybercrime Team Recruitment via Social Media
Kobayashi recruited around 20 individuals through social media, promising “illegal part-time jobs.” These recruits helped carry out the fraudulent activities, and most of them have already been arrested.
Cracking Down on Crypto-Related Scams
This arrest highlights the ongoing efforts by Japanese authorities to combat crypto-related fraud. Monero, known for its anonymity, has been a preferred choice for illegal activities. However, this case proves that even privacy coins can be traced with advanced technology.
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