18 year old Monacoin thief is the first crypto hacker to get nabbed by tokyo crypto-cops
In Japan, an 18-year-old was found guilty of stealing $134,000 (¥15 million) worth of cryptocurrency, the hacker was nabbed successfully by the local authorities for the digital assets.
As per a report in JapanTimes , a suspect was identified by the Tokyo police department’s cybercrime division for illegal withdrawing virtual currency for Monappy, a cryptocurrency-infused social media platform.
The 18-year-old later then admitted that he hacked the Monappy services between August & September 2018, because of which it caused it to pay out cryptocurrency illegitimately.
Monappy had done an internal investigation where, they discovered that he applied for roughly 8,200 “Monacoin” remittances using special “gift codes,” which caused 640 incorrect transfer to execute.
Around 97,000 Monacoins are said to have been illegally withdrawn which originally belonged to around 7,700 Monappy customers who had been using the site to store their digital coins.
These Monacoins are currently worth around $50,000 but at that time, its price was almost double as of today.
When the local media sources questioned the 18-year-old he said, “I felt like I have found a trick that no one else knows, I’ve been aware that what I was doing was wrong but at the same time I was happy to see my account balance continue increasing”.
He then allegedly said, that he had committed the crimes as if he was playing a game.
This isn’t the first case of theft-via-hacking in Japan, as the country faced a hack back in early 2018, where exchange service Coincheck suffered a devastating attack saw over $500 million in cryptocurrency being stolen, making it the largest attack in cryptocurrency history.