Japan pursuing charges against teen for alleged wallet hack6

An 18-year-old has been accused by Japanese authorities of hacking cryptocurrency wallet Monappy to steal ¥15 million ($134,300) worth of cryptocurrency last year, The Japan Times reports. The case marks the first time criminal charges have been brought against a hacker for a cryptocurrency theft in Japan.

The man, whose name is being withheld due to being a minor under Japanese law, allegedly exploited a glitch in the wallet allowing users to transfer the cryptocurrency monacoin to another user. He allegedly overwhelmed the system by initiating multiple concurrent transfers to himself, which allowed his account to reflect an artificially inflated balance.

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