12 arrested in Japan for a Bitcoin [BTC] scam worth $2 million!

Tokyo and Hyogo police have apprehended 12 suspects for an alleged scam worth $2 million. The prime suspect Mr. Kenta Higashi, a youngster working in the food industry in Kobe transacted fake fiat currency for Bitcoin. As reported by Tokyo times, in June 2017 Higashi the infamous conman had offered an executive 200 million fiat currencies for 190 million yen worth of Bitcoin.

The victim aged 40 was not aware of the fraud until he was informed via his agent upon receiving the counterfeit cash. This case has brought forward the risks in dealing national fiat currencies as they can be easily forged. There have been similar cases in the past years wherein agents have been targeted at gunpoint or threatened.

According to sources from Tokyo, these trades are very unpredictable and dangerous as they generally take place over the counter, evading exchange commission. Direct transactions and trade exchanges are pretty common in Japan. The nation is working hard to stop money laundering, hacking and other crypto-crimes as it poses a major threat to the economy and its people.

Marty Melan tweeted,
“Fiat currency will be ultimately replaced by digitalized currency in the coming years. This is a technological revolution, do we still use the Barter system, No. We adapt and accept whatever is more feasible and economically better. This is high time the governments around the world switch to crypto-mode”

Chen Pi on a social forum commented,
“Throw away your mining gear! Now you don”t need a high performance to…
This new generation cryptocurrency based on Blockchain 2.0 is now the fastest in the world!
Your face when you know there is no use of mining anymore!”
“Crypto-crimes is nothing new, with every economy there comes illegality. This does not mean that cryptocurrency and blockchains are illicit. I see that cybercrimes have increased at disturbing rate. Police are taking strict action on these criminals who will help people keep faith in the digital currency and the future”

Andre Nate, another crypto enthusiast says,
“Since Japan is the epi-center of crypto-currency. This was an amazing move from the Japanese cops, but will this bring justice to all those who have lost money; both fiat as well BTC.”

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Author: Joel Mathew
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