Japan Crypto Theft Cases Totalled $610 Million in Hacks, Nearly 170 Reports and Zero Arrests in All
The police of Japan is considered to be pretty good but not even all the fame in the whole world has made them solve any of the 169 crypto theft cases which happened in the country last year. That’s right, you can steal cryptos in Japan because you are not likely to get caught (ok, really, never do that).
The newest reports of the local police talked about crypto theft and also covered stuff that is out our jurisdiction like hacking incidents and cases of child pornography. According to it, Japan’s National Police Agency has affirmed that $610 million USD worth of cryptos was stolen in 169 either from the companies or people in Japan last year.
Most of the money was stolen in a single case, though. You may even remember it, it was the Coincheck case, in which the exchange had to shut its doors after hackers stole around half a billion USD worth of cryptos from the 260,000 clients of the exchange.
Coincheck actually had a happy ending, eventually, but not with the help from the police. The exchange was able to pay out the clients eventually and it even achieved a license to operate in Japan again at the end of the year, but the money was never recovered.
Number of Thefts Is Not Incredible, But Police Simply Couldn’t Crack The Cases
Unlike most crypto-related crimes, the main problem here is really not that the numbers skyrocketed from one year to another. 2018 only saw 20 more crimes than in 2017, despite all the crypto buzz. What actually worries the local community is that in every one of these case the hackers were successful in getting away with the funds and no one was able to do anything about it.
When you actually perceive that we’re talking about $610 million USD which were robbed and never found, this is actually a huge sum and an even more huge failure from the police to not have caught a single criminal in the whole year.
Part of the problem may be because most of the attacks did not come from Japan, though. According to the police reports, most came from Russia (20%), China (14%) or the United States (12,5%). This has obviously gotten in the way of the investigations.
This crisis of crypto being stolen is a pretty good argument for upgrading the security at exchanges and wallet providers. A lot of money can be lost in situations like this one, so it can become a problem that the police is so ineffective to solve the cases.