Tokyo crypto-police take down the $134,000 Monacoin thief

15 Mar, 2019 | Updated: 15 Mar, 2019
by Joeri Cant
Hack
Tokyo crypto-police take down the $134,000 Monacoin thief

In Tokyo, the Metropolitan Police Department’s cybercrime division identified an 18-year-old Japanese boy, who allegedly stole about 97,000 Monacoins, wich have a total worth of about $134,000.

According to the JapanTimes, the 18-year-old allegedly stole the money after hacking Monappy, a website where users can store the virtual currency Monacoin, in a two-week period between Aug. 14 and Sept. 1 of 2018.

Apparently he found a weakness in a feature of the website that enables users to transfer the Monacoin cryptocurrency to another user, knowing that the system would malfunction if transfers were repeated over a short period of time.

A total of 97,000 Monacoins have been illegally withdrawn, which belonged to around 7,700 Monappy customers

All 7,700 users who were affected will be compensated by the operator of the website.

The MPD's cybercrime division stated that this case represents the first one in Japan in which criminal charges have been pursued against a hacker over cryptocurrency losses.

Read more: Cyberattack takes down Boston's legal system, criminals want Bitcoin

The suspect later admitted to the allegations and added that he felt as if he had found a trick that no one else knew about.

“I’ve been aware that what I was doing was wrong', he said. 'But it was fun to see my account balance continue increasing.'

The police said that the boy used his 'gains' to buy items such as a smartphone.

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