Cryptocurrency Japan Cryptojacking 18 Jun 2018
Japanese prosecutors arrest 16 people that are allegedly involved in the cryptojacking case. The arrested individuals are alleged of installing malware on victims’ personal computers in order to mine cryptocurrency in an unauthorized manner.
18 June, AtoZ Markets – Prosecutors in Japan have arrested 16 people that are allegedly involved in the ongoing criminal case of cryptojacking, according to the local news outlets.
Cryptojacking is the practice of utilizing the processing power of unsuspecting users in order to mine cryptocurrency illegally. As per Japanese media reports, the arrested individuals are alleged of installing malware on victims’ personal computers in order to mine cryptocurrency in an unauthorized manner. The suspects were allegedly operating their own websites to spread the crypto mining malware. They have been using the Coinhive, a program that is designed to mine Monero.
The case against 16 individuals has been announced on June 14. Reportedly, the first arrests have taken place earlier in March.
The cybercriminals have reportedly obtained the big sum of money that is amounted to 120,000 yen ($1,084). The report also highlights that the suspects only received 70 percent of all the cryptocurrency mined. The remainder has been allocated for Coinhive.
A professor at Konan Law School who specializes in cybercrimes, Hisashi Sonoda, has commented on the case. He has stated that the arrests might have been an excessive measure. This is due to the fact that there are no legal precedents on managing similar situations.
Coinhive has been established in 2017, with the company becoming one of the most widespread online tool providers for mining Monero on the websites via visitors’ processing power. The tool has been utilized to target computers through YouTube and via some government and university websites.
Earlier last week, the Japanese police have launched a probe into another case of cryptojacking using Coinhive. The prosecutors have investigated three individuals that are allegedly behind the websites that are promoting Coinhive malware. One of the suspected fraudsters has been reportedly ordered to pay 100,000 yen ($904) in fines.
As per the recent report by Palo Alto Networks, the network and enterprise security company, there is around 5 percent of all Monero in circulation that has been mined through cryptojacking.
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