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Japan arrests criminal gang that used Monero to launder money, involving more than 100 million yen

As of October 21, a joint task force of the Japan National Police Agency's Cyber Special Search Department and nine prefectural police forces, including Saitama Prefectural Police, arrested 26-year-old Yuta Kobayashi, whose address and occupation are unknown, on suspicion of using computers for fraud. Kobayashi is believed to be the ringleader of the gang, with losses believed to exceed 100 million yen (667,100 dollars). The gang misused the highly secretive virtual currency Monero in an attempt to launder money and traced the flow of funds to identify Kobayashi. This is the first time in Japan that Monero has been analyzed and suspects identified, according to the National Police Agency.