The post Japan Apprehends 18 for Monero Fraud appeared on BitcoinEthereumNews.com.

In a significant crackdown, Japanese law enforcement has detained 18 suspects linked to fraudulent activities involving Monero (XMR), a cryptocurrency renowned for its privacy features. This operation was coordinated by the National Police Agency alongside multiple local police forces. How Did the Fraud Occur? Reports indicate that the accused executed deceptive transactions using illicitly obtained credit card details, predominantly via the second-hand marketplace app Mercari. Their activities reportedly inflicted damages totaling around 2.7 million yen on Mercari during the summer months of 2021, with an estimated 900 fraudulent transactions leading to a cumulative loss of 100 million yen (approximately $670,000). Can Monero Transactions Be Tracked? This operation marks a groundbreaking instance of authorities tracking transactions made with Monero, a task made daunting by the cryptocurrency’s inherent privacy protocols. The absence of address balance visibility in Monero’s public ledger significantly hampers transaction analysis efforts. The initiative began in August 2024, coinciding with the launch of Japan’s Cyber Special Investigation Unit, dedicated to addressing crimes linked to cryptocurrencies. While the precise detection techniques employed by investigators remain undisclosed, theories suggest that they may have involved entrapment through peer-to-peer exchanges. A few key takeaways from this operation include: 18 individuals were arrested for Monero-related fraud. Fraudulent transactions were primarily executed on the Mercari app. The investigation showcased the challenges of tracking Monero transactions. The Cyber Special Investigation Unit has been pivotal in tackling cryptocurrency-related crimes. This arrest underscores Japan’s commitment to combating the misuse of cryptocurrencies, highlighting the challenges law enforcement faces in navigating the complex landscape of digital currencies. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/japan-apprehends-18-for-monero-fraud

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Filed under: News - @ October 22, 2024 1:24 am