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Japan all geared up to curb Crypto racket

Apr 03, 2018 Posted /  1083 Views

Japan all geared up to curb Crypto racket

Japan all geared up to curb Crypto racket


After the crypto fraud of almost $550 million worth of NEM coins against the Japanese Exchange Coincheck, the centre has summoned 500 analysts and investigators to traverse the challenge. Japan has set up a new Tokyo based agency to curb the crypto menace.

As per the survey, Almost 3 million crypto thefts attempts were recorded in 2017. The hackers targeting the unprotected crypto wallets successfully got away with about 17  billion Japanese yen inclusive of $6.3 million worth of cryptocurrency. In March, the national police agency said that it was absolutely tuned in with 149 crypto connected thefts in 2017 alone.



The new enforcement agency is anticipated to manage such cases and combat crypto frauds. The services of investigators and analysts from completely different Japanese security and intelligence are chosen to accomplish the aim with which the agency has been set up. According to Kyodo, Japanese authorities hope to address the crypto theft issues more efficiently.

The prevailing trends of  Cybercrime becoming a menace in the nation and other nations, its time for the government to buckle up to determine and implement rules aimed toward safeguarding the cryptocurrency platforms, owners and investors from such threats. Moreover, we hope that the discussions at the G20 meeting regarding cryptocurrency regulations will bear much fruit.

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Tags: Japan japan cryptocurrency japan blockchain

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