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Yakuza laundered 270 million criminal proceeds with the help of the cryptocurrency



The facts of a large-scale scheme for laundering criminal proceeds with the help of a cryptocurrency, organized by the Japanese mafia, are disclosed.



15.May.18 6:58 AM
By John M Jeffcoat
Photo Toinnov.com

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Yakuza laundered 270 million criminal proceeds with the help of the cryptocurrency
An information publication concerning the media reports that details of a large-scale scheme for laundering criminal proceeds with the help of a cryptocurrency, which was organized by Japanese mafia structures, became known.

The Mainichi Shimbun newspaper reports that one of the Yakuza subdivisions two years ago applied for help to a broker from China. The broker agreed to criminal cooperation and for several years was engaged in laundering money for the mafia through cryptocurrency transactions. With his assistance, criminals converted cash into digital currency, choosing such coins as bitcoin and etherium.

Then they were put into electronic stores of 6 different exchanges, among which are Yobit and HitBTC. Illegal cooperation continued from 2016. The total cost of funds passed through crypto-currency reserves is almost 30 billion yen, which in dollar terms amounted to 270 million dollars. Criminal finances were mainly obtained through drug trafficking and by voice phishing.

In connection with the increased cases of cryptocurrency crimes, a particular agency is being formed in the country to combat cybercrime.



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