Japan arrests criminal gang using Monero to launder money, involving more than 100 million yen

BlockBeats news, on October 21, according to the Nikkei, a joint task force composed of the Japanese National Police Agency's Cyber Special Investigation Department and nine prefectural police forces, including the Saitama Prefecture Police, arrested 26-year-old Yuta Kobayashi, whose address and occupation are unknown, on suspicion of using computers for fraud.

Kobayashi is believed to be the leader of the gang, with losses exceeding 100 million yen (667,100 U.S. dollars). The gang abused the highly secretive Monero currency in an attempt to launder money, and Kobayashi's identity was found out by tracking the flow of funds. The National Police Agency said this is the first time in Japan that Monero has been analyzed and a suspect has been identified.