Probe Launched Into Alleged Japanese University Crypto Embezzlement

Neil Dennis

Japanese tax authorities are investigating an Osaka-based educational institution over missing funds that were allegedly used to buy cryptocurrency, a local newspaper reported on Wednesday.

The inspection of Meijo Gakuin Educational Corporation began on Tuesday, according to The Mainichi national daily, along with probes by the Osaka Regional Taxation Bureau into real estate brokerage Sun Kikaku and other companies linked to the case.

Nearly $1 Million Lost in Crypto Investment

Meijo Gakuin's former chairwoman allegedly instructed the board to bank JPY 100 million ($928,700), earmarked for its affiliate - Osaka University of Tourism, which was then withdrawn and used to buy an unnamed cryptocurrency in an ICO.

Sources told Mainichi that the cryptocurrency went public in March 2019, but the price plummeted, exposing Meijo Gakuin to severe losses on the investment. Also unaccounted for is a JPY 2.1 billion deposit for the sale of land for a high school in the city, brokered by and deposited with Sun Kikaku.

The cryptocurrency involved in the case remains almost worthless, according to the report, while the - then - chairwoman of Meijo Gakuin resigned over the case in June.


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Crypto Scammers Responsible for $24 Million in Bitcoin Theft Through First Half of 2020: Report

Michael LaVere
  • New Whale Alert report shows crypto scammers have raked in $24 million in bitcoin through the first six months of 2020.
  • One scammer leveraged YouTube advertising to steal $130k in BTC per day. 

Crypto monitoring service Whale Alert has published a report showing that crypto scammers are responsible for $24 million in bitcoin theft through the first half of the year, including the exploitation of YouTube advertising. 

According to the report “Chasing Crypto Criminals” published July 10, cyber-thieves are finding easy prey in the form of bitcoin and other crypto-asset investors. Whale Alert summarized its exhaustive reviews of hundreds of websites and thousands of reports of theft as “crypto crime pays. A lot.” 

Whale Alert claimed there was little risk involved for crypto-based criminals, despite the massive economic impact being imposed on victims. The report confirmed at least $38 million in bitcoin alone being stolen via scams over the past four years, excluding the use of Ponzi schemes. 

The report reads, 

Some of the most successful scams made over $130,000 in a single day with nothing more than a one page website, a bitcoin address and a decent amount of YouTube advertising.

Whale Alert outlined another scam which brought in $1.5 million over six months through promoting a fake cryptocurrency exchange. The report claims the advertisement took victims to an “amateurish website riddled with spelling errors,” before tricking users into depositing their funds. 

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