An 18-year-old citizen from Japan has reportedly nabbed by the police for allegedly hacking and stealing ¥15 million which is approximately equal to $134,300 USD in cryptocurrency.
According to the Japan Times,
“The accused stole a large amount of funds by hacking a crypto-associated website. Notably, this is one of the first times that prosecutors in Japan have investigated a case involving the theft of cryptocurrency (by an individual).”
This 18-year-old individual is a resident of Utsunomiya, Tochigi Prefecture. His name has not been made open because he is still considered a minor according to the law system of Japan.
Police officials revealed,
“The alleged theft of over $100,000 in cryptocurrency occurred between August 14th and September 1st, 2018. The accused reportedly stole the funds by hacking a website named as Monappy, which is used by traders to manage the Monacoin cryptocurrency.”
As informed by Japanese officials, the hacker made use of peer to peer encryption software so as to hide personal details which included his IP address. Despite making hard efforts to cover his tracks, security professionals working for the local police department were able to trace the location of the hacker.
According to local authorities,
“The accused has admitted that he was involved in the financial crime.”
The 18-year-old said,
“I felt like I’d found a trick no one knows and did it as if I were playing a video game.”
It has still been unclear how the attacker managed to steal the funds through cryptocurrency.
The police officials said,
“The attacker was able to exploit a vulnerability in the website’s codebase which involves sending funds to users.”
The hacker claimed that he found a security loophole which makes transaction system malfunctions on the website if someone tries to transfer cryptocurrency during a short timeframe.
The attacker affected nearly 7,700 crypto investors who used the Monappy website. Other important details from the incident report said that the hacker had transferred the stolen Monacoin (MONA) cryptocurrency to an account which he had created at on a different crypto website. After transferring these Monacoins, the hacker said that he converted the crypto asset into another digital asset so that he was able to purchase various items which included a new cell phone.