Fraudsters in Action: The Tokyo Bitcoin Heist
In a plot worthy of a Hollywood thriller, Tokyo and Hyogo law enforcement have managed to arrest five more individuals tied to a staggering fraud case, which allegedly involves ~¥190 million (about $1.7 million) in Bitcoin. The total count of culprits? A whole dozen—just enough for a not-so-great boy band!
How It All Went Down
Picture this: It’s July 25, 2017, in a Tokyo hotel. A man, posing as an agent for an executive in his 40s, gets wrapped up in a scheme involving a whopping ¥200 million (around $1.9 million) in counterfeit cash. The hook? The fraudsters managed to convince him that the money was real. Spoiler alert: it was not.
Believing he had secured the cash, the agent got cozy and swiftly transferred ~¥190 million (that’s approximately $1.7 million) worth of Bitcoin to a designated exchange account in Yokohama, thinking he’d pull off the deal of a lifetime. Instead, he was left reeling in regret as the suspects cashed out the Bitcoin, netting themselves over ¥170 million after shoveling aside some fees.
Who’s Who in the Arrests?
A man named Kentaro Yagihashi, aged 32, is at the helm of this operation. Reportedly, many of the suspects are just in their 20s, which raises the question—what were they doing in a hotel plotting elaborate heists instead of, say, binge-watching their favorite series? The first seven of these dubbed ‘criminal masterminds’ were arrested on April 10.
Deflection and Denials
In a classic twist, all twelve suspects are adamantly denying the charges. Well, that’s one way to find solidarity among companions caught in a web of deception! Meanwhile, the victim had his own reasons for participating in this shady scheme: he was simply looking to dodge those pesky commission fees associated with a crypto exchange service.
The Bigger Picture
This case comes at a time when Japan is tightening its grip on cybercrime. Just earlier this month, the Japanese Metropolitan Police Department pumped up its cybercrime law enforcement unit, reacting to stats indicating that in 2017, an alarming ¥662.4 million (or $6.2 million) in cryptocurrency was either defrauded or stolen. Perhaps it’s time to invest in some serious virtual security protocols!
