Japan Man Loses $5.26 Million in Crypto to Police Impersonation Scam
The 65-year-old Hyogo prefecture resident converted deposits and securities into cryptocurrency before transferring the assets in 10 transactions.
A 65-year-old man in Japan lost about $5.26 million in cryptocurrency after scammers posing as police officers told him his bank account was connected to multiple complaints.
The man, who lives in Hyogo prefecture, was instructed to convert his deposits and securities holdings into cryptocurrency to prove his innocence. He then deposited the assets into a personal wallet.
Between Sept. 7 and Sept. 17, the cryptocurrency moved in 10 transactions to addresses controlled by the scammers. The assets were valued at about 826 million yen, or approximately $5.26 million.
Ashiya police in Hyogo are investigating the case as fraud involving the use of an electronic computer.
