Money Laundering through cryptocurrency is increasing in Japan – Report 2018
In Japan, more than 7,000 cases of money laundering related to cryptocurrencies were reported to police in the year 2018. This figure is 10 times more than the previous year – 2017.
How the cases were suspected?
- 7096 suspicious transactions
- Users were using different names and DOB
- Using same ID
- Some user logged in from other countries
In Japan there are more people coming into cryptocurrency domain and are purchasing it. Last year around 417,465 cases of money laundering or other fraud were reported, mostly banks, financial institutions and credit card companies.
Japan’s National Police Agency (NPA) has planned to use data analysis and artificial intelligence (AI) technology to analyse the way transactions are done.
Big cases of hacking/fraud in Japan
- In 2014, $433 million worth bitcoins were stolen from Mt. Gox cryptocurrency exchange
- In January 2018, $523 million worth NEM were stolen from Coincheck Inc
Disclaimer: We do not encourage or suggest anybody to invest in Bitcoin and other Cryptocurrencies, please do your own full research and follow the law/rules as per your country standard.