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Underage Japanese hacker booked for prosecution; pleads guilty

underage japanese hacker pleads guilty

An underage hacker has been booked for stealing money from various cryptocurrency users. The minor reportedly eighteen years of age was brought to justice in the Utsunomiya city of the country.

Japanese authorities caught the hacker by tracking back the transactions which lead to unfolding the clever hack by the youth. Japanese law deems anyone under twenty years of age a minor therefore the identity of the hacker has been kept a secret.

The said hacker has been handed over to the prosecutor after he pleaded guilty of stealing about fifteen million (15m) yen or about one hundred and thirty-four thousand dollars ($134,000) through Monappy.

The hacker exploited the digital cryptocurrency wallet to steal the money from over seven thousand and seven hundred users. The staggering hack took place between in August and September of 2018.

Local media in Japan revealed that the hackers used TOR software to mask his identity, however, he was unable to remove tracks of his transactions which lead to his arrest.

The clever hacker exploited a weakness in the wallet to create a stream of transactions that would all appear legal to the system while leaving the majority token holding cold wallet intact. The said cold wallet is believed to hold over fifty-one percent (54.25%) of the total balances.

Monappy has since paid their users and the money stolen by the hacker has long been spent on his luxurious.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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