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Cryptocurrency hack: 18-year-old Japanese hacker faces criminal charge over 15 million yen hack

Priya

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Japan's 18-year old hacker faces criminal charge for involvement in 15 million yen cryptocurrency hack
Source: Unsplash

One of the major concerns of cryptocurrency enthusiasts continues to be hacking and theft, with several exchanges and wallets being compromised over the past few years. According to a report by Japan Today, an 18-year-old man, whose identity was withheld by the police, was prosecuted for hacking on Thursday.

The hacker allegedly stole cryptocurrency worth 15 million yen from a platform. Its report also stated that the boy admitted to the allegations, stating that he “felt like [he had] found a trick no one knew and did it as if [he] were playing a video game.”

The report stated that this was the first case where a hacker was being implicated with criminal charges over cryptocurrency loss. It also stated that the platform compromised by the hack was Monappy, a digital asset platform that allowed users to store Monacoin. The platform was attacked between August 14, 2018, and September 1, 2019, with over 7,700 users incurring losses. At press time, the official website of Monappy stated that they had shut down their services “due to external attacks.”



The police stated that the 18-year-old man used Tor browser as it allows users to browse websites, without being tracked. However, the police caught the hacker by “analyzing the communication records left on the website’s server.” The report further stated that hacker exploited one of the features of the website that allows users to transfer cryptocurrency. It stated,

“[…] knowing that the system would malfunction if transfers were repeated over a short period of time. He repeatedly submitted currency transfer requests to himself, overwhelming the system and allowing him to register more money in his account.”

After successfully hacking the platform, the hacker reportedly transferred the cryptocurrency to another platform. The hacker then purchased items such as smartphones with the stolen currencies, the police said.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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