33 Cases: Cryptocurrency Fraud Is on the Rise in Japan

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September 8 2017

Japanese consumers reported 33 cases of cryptocurrency-related fraud in the first seven months of 2017, representing more than half a million dollars-worth of losses.

According to reports from Nikkei and The Yomiuri Shimbun, the National Policy Agency (NPA) reported roughly ¥76.5 million ($710,848) in fraud-related thefts between January and July. 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.