A Crypto Crisis: Japan’s Alarming Statistics
In the wild west of cryptocurrency, Japan is facing a staggering crisis. According to the National Police Agency, a jaw-dropping 60.503 billion yen (that’s a cool $540 million for those counting in real money) was pilfered in the first half of 2018 alone. Comparing this to 2017, where a mere 662.4 million yen worth of crypto was swiped, brings to light an alarming trend – theft has tripled!
The Coincheck Catastrophe: A New Record
Among these heists, the most notorious was the record-breaking hack of Coincheck. In January, hackers made off with an eye-watering 58 billion yen (about $520 million) in NEM coins. Talk about a bad day at the office! This single incident accounted for a significant chunk of the total thefts reported over six months.
A Glaring Pattern: Where’s All the Crypto Going?
Looking closely, we see that while three-fourths of the incidents were reported between January and March, only 38 were noted from April to June. Could it be that consumers have become wise to the tricks of the digital thieves? The authorities suggest yes, attributing the increase in awareness to the Coincheck incident and ongoing efforts by Japan’s Financial Services Agency (FSA) to clamp down on this dubious activity.
The Personal Account Predicament
Spookily, around ¥2.5 billion ($22 million) was stolen from individual accounts, rather than exchanges. A shocking statistic reveals that 60% of these unfortunate victims used the same password across different platforms. Listen up, folks: if your email, e-commerce, and crypto accounts share a password, it’s like inviting a burglar in for lemon iced tea.
A Spate of Recent Breaches
Even in the wake of this crisis, the hacks keep rolling in. Just recently, Zaif exchange had their systems breached, resulting in another 6.7 billion yen (roughly $60 million) disappearing into thin air. No one’s error-free, but a hack unveiled on September 17th? Now that’s a glaring oversight!
Final Thoughts: The Need for Stronger Security
As hacking attempts escalated since August 2017, authorities are ramping up their game. The message is clear: if you’re involved in the crypto world, it’s high time to step up your security measures. Employ 2FA, switch passwords often, and remember: in crypto, it’s better to be safe than sorry.
