According to the latest reports from National Policy Agency (NPA) reported roughly ¥76.5 million ($710,848) in fraud-related thefts between January and July. As per statement by Nikkei and The Yomiuri Shimbun. Here we can assume at very core the pace of those complaints appears to have picked up as the year progressed. Corresponding to the rising cryptocurrency market – with ¥17.3 million reported stolen in July alone. Japanese consumers reported 33 cases of cryptocurrency-related fraud in the first seven months of current year. Representing more than half a million dollars-worth of losses . It is not really easy to digest.
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It is real shocking & it is an unexpected rise in cases. According to another Japanese paper media – The Mainichi, the police agency said the stolen funds may have already been converted to other forms of money, including cash. The NPA did not reveal the process followed by thieves of cryptocurrency. Actually thieves bypassed two-factor authentication to transfer the funds.
Till date any of the funds identified have been recovered. Situation seems not so easy. Matter is complicated. The article notes that while many of the accounts victims did not have two-factor authentication implemented, at least three accounts did. Two-factor authentication provides an extra strong layer of security to digital accounts, and requires a digital token system to be able to log into an account. Now loss by virtual currency up to June 2017 were the most for Ripple at 29.6 million yen to be followed by Bitcoin at nearly 29.3 million yen.
Loss in other currencies Ethereum and NEM amounted to 200,000 yen and 100,000 yen, respectively, among others. “The cases involved cryptocurrencies like bitcoin, Ether and Ripple’s XRP”, the reports said, with the majority of the year’s reports thus far relating to thefts of Bitcoin. So concerns are very important.