Japan arrests a criminal gang using Monero for money laundering, with an amount involved exceeding 100 million yen

ChainCatcher news, according to the Nikkei, a joint task force composed of the Cyber Special Investigation Division of the National Police Agency and police forces from 9 prefectures including Saitama Prefecture arrested 26-year-old Yuta Kobayashi, whose address and occupation are unknown, on suspicion of committing fraud using a computer. Kobayashi is believed to be the leader of the group, with losses exceeding 100 million yen (approximately $667,100). The group allegedly abused the highly secretive Monero to attempt money laundering, and Kobayashi's identity was determined through tracking the flow of funds. The National Police Agency stated that this is the first time in Japan that Monero has been analyzed to identify a suspect.