33 cases of the cryptocurrency-related scam have been reported by consumers in Japan. The reported fraud occurred in the first seven months of 2017. More than half a million-dollar worth of losses have been reported because it was missing due to the scam.

Nikkei and The Yomiuri Shimbun have reported about the National Policy Agency (NPA) who received a complaint regarding missing amounts of money linked to fraud-related thefts. The incidents happened between January and July. The pace of the complaint appeared to have picked up as the year progressed Joe Namath Jersey , along with the rise of cryptocurrency market. In July alone, there have been reports of stolen money that amounts millions worth of Japanese currency.


Ripple cryptocurrency manager arrested for scam
Cryptocurrencies like Bitcoin and Ripple were the reported companies involved in the scam. The majority of the year鈥檚 reports were linked to the thefts of Bitcoin assets.


According to a Japanese newspaper, The Mainichi, the most virtual currency that happened until June 2017 came from Ripple with a 29.6-million-yen worth of missing damages. It is also followed by about 29.3-million-yen worth of bitcoins. There were also damages in other currencies like ethereum and NEM that amounted to 200,000 yen and 100 ArDarius Stewart Jersey ,000 yen.


The manager of Ripple cryptocurrency has been arrested in Kyoto by the authorities for allegedly swindling 1.4 million yen ($12,470) from a depositor. It was the first arrest in Japan issued by a U.S. venture company. The Ripple currency is used for international payments and cannot be used for other merchandise purchases that鈥檚 why it has been traded online.


According to investigators, the arrest was made in connection with Ripple virtual currency that is officially called as XRP. Yuki Takenaka, the 31-year-old founder and the head of operations for Ripple exchange, admitted to most of the fraud charges. He was under investigation due to the money was taken from a depositor in Miyagi Prefecture.


Based on the complaint Marcus Maye Jersey , he was able to get 楼1.4 million in March 2015. The money was allegedly collected even though his company was in a state of collapse. According to the investigation, the company was unable to make refunds at that time.


Takenaka set up the currency exchange in Hamamatsu, Shizuoka Prefecture which happened in May 2014. However, the users were unable to withdraw their cash investments or contact him around March of 2015. The company was able to collect money from their users in exchange for written acknowledgements of debt which are needed for the online transactions of Ripple. The users could exchange the notes with the company or convert them into cash.


The company charges no commission and the manager was able to get more than 10 million yen out of a dozen users using their promotions and advertising. He is also suspected of making profits by issuing fraud IOUs worth around 120 million yen.

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