Japanese Police Arrest Suspect Yuta Kobayashi for ¥100 Million Crypto Laundering Scheme
Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...
Yuta Kobayashi, 26, has been arrested in Japan for allegedly using the cryptocurrency Monero to launder funds from a 100 million yen ($665,800) credit card fraud scheme.
According to a Monday report by Nikkei, the arrest followed an extensive investigation by Japan’s Cyber Special Investigation Division and multiple prefectural police forces.
The report stated that Kobayashi is suspected of leading a group that used stolen credit card information to conduct fraudulent transactions.
クレカ不正疑い、資金洗浄追跡し首謀者逮捕 被害1億円 – 日本経済新聞
Japanese police identified suspects by analyzing #Monero money laundering. https://t.co/CBd7yfxAW9
The group attempted to obscure the money trail by utilizing Monero, a privacy-focused crypto known for its anonymity.
Investigators were able to trace Monero transactions, making this the first case in Japan where such analysis led to an arrest.
Yuta Kobayashi’s group is accused of conducting about 900 fraudulent transactions using stolen credit card details between June 2021 and January 2022.
These transactions reportedly involved fictitious sales on online platforms, including the flea market site Mercari, where fake listings were created to facilitate the fraud.
Investigators believe that the stolen credit card information was obtained through phishing tactics, such as fake websites and deceptive emails.
This method allowed the group to gain access to personal financial information and process unauthorized transactions.
The investigation revealed that Kobayashi’s group recruited participants through social media, advertising
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