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.
The post Cryptocurrency hack: 18-year-old Japanese hacker faces criminal charge over 15 million yen hack appeared first on AMBCrypto.