Japanese Police Arrest 12 As Bitcoin User Scammed Of $1.8million

12 suspects have officially been detained by Japanese police amid a investigation into the robbery of a bitcoin user. The user in question was a individual looking to sell over $1.8 million worth of bitcoin but was scammed in an offline transaction.

The thieves, all of Japanese origin,  duped the bitcoin users , in his 40s, with a briefcase of predominantly fake bank notes. Once transfer of the bitcoin had been made, the thieves further claimed no receipt of tokens despite cashing out well over 174.2 million Yen. It is not known if the victim will ever be able to recover his stolen tokens as his attempt to evade the commissions fees charged by exchanges led to him losing well over $1.8 million.

The suspects while detained have yet to reveal further details of the operation in which they were involved with as they continue to outright deny the allegations made. Current evidence and inspection suspect testimonies have led the police to believe that a ringleader exists to coordinate and arrange these thefts.

To conclude, despite the suspects behind the theft having been detained, the problem of offline transactions remains prominent especially in developing nations. While exchanges can not penetrate every market, they remain a essential tool in aiding the protection of bitcoin users when transferring funds. Not only was the victim avoiding using a exchange service, he also opted for a face to face transaction. This brings its own set of risk considering earlier this year reports of bitcoin user being robbed in daylight emerged. With some being held hostage while being forced to make a transaction, generally its advisable to set up a transaction in a public place if you do not have access to a online platform.

NairaEX remains Nigeria’s leading bitcoin exchange providing a safe and efficient exchange platform for bitcoin users !

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.