Japanese Police Detains Teenage Hacker for Stealing 15 Mln Yen in Monacoin

Sat, 03/16/2019 - 10:43
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Alex Dovbnya
🏃‍♂️👮🏾‍♂️🤷‍♂️An 18-year-old Japanese boy has been arrested for using a crypto wallet’s glitches for stealing Monacoin tokens worth 15 mln yen
Japanese Police Detains Teenage Hacker for Stealing 15 Mln Yen in Monacoin
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Japanese news outlets report that the Metropolitan police (MPD) of Tokyo has accused an 18-year-old Japanese teenager of hacking a Monappy wallet and stealing Monacoin worth around 15 mln yen.

A vulnerable crypto wallet ripped off

The teenage hacker resides in a prefecture north of Tokyo. In late August 2018, he managed to connect his smartphone to the Monappy wallet via Tor browser and secure himself a large amount of Monacoin tokens.

Apparently, back then, the wallet was experiencing due to numerous glitches caused by the site overload.

Only the other day was MPD able to arrest the culprit.

The boy admits that it was as if he had managed to find a magic wand to steal all the Monacoin from the platform. Thus he got crypto belonging to nearly 8,000 investors and hodlers.

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Keeping the stolen crypto overseas is the best solution

The police and other sources report that the boy stored the stolen tokens at a foreign platform on an anonymous account that brings dividends to investors. By the time the hacker was found and arrested, he had got around 100,000 yen in dividends.

The police managed to find the suspect and identify him with the help of analysts who researched the details of crypto transactions from servers, despite the fact that the boy used the anonymous Tor browser.

Recently, this software has been many time used for committing cyber-crimes.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.