A group of 18 alleged scammers has been apprehended by Japanese authorities in a groundbreaking operation that involved analyzing Monero transactions. This marks the first time in the history of cryptocurrency that Monero transactions have been used by law enforcement agencies to identify criminals. The authorities examined approximately 900 money-laundering transactions, conducted with Monero, totaling about 100 million yen ($670,000). The gang, led by Yuta Kobayashi, was arrested for money laundering and computer fraud. The investigation began in August, shortly after the establishment of the National Police Agency’s Cyber Special Investigation Unit, which aims to combat cybercrime in Japan. When asked about the analysis of the Monero transactions that led to the arrests, Japanese authorities did not provide an immediate response. While digital space is plagued by cyberattacks, authorities are also dealing with physical attacks and violent crimes related to cryptocurrency. Several incidents have taken place globally, including incidents in Thailand, Ukraine, and London. Crypto scams and exploits remain a persistent problem in the industry, with a total of almost $19 billion worth of crypto stolen in the past 13 years across 785 reported hacks and exploits. The largest case of theft occurred in the Plus Token fraud, where attackers managed to steal $2.9 billion worth of Bitcoin and Ether. The prevalence of such incidents hinders mainstream trust and adoption of cryptocurrencies. In 2024, the number of crypto hacks and exploits is expected to surpass the previous year, with $542.7 million worth of funds stolen in the first quarter alone, representing a 42% increase compared to the same period in 2023.
Japanese authorities track Monero apprehend 18 individuals in 670K money laundering investigation