Massive phishing emails make it easier for Japanese investors!

According to several surveys, more than 1,500 phishing emails have been sent to the owners of an account at Japanese online trading platform since last fall. The recipients are removed by giving their username and password for their savings.

In Japan, the alarm bells are currently ringing. According to a number of studies, at least six FSA-accredited online market operators have taken too little initiative in the fight against cybercrime. Especially in the fight against the phishing emails.

In May BitFlyer sent warning messages to its users after massive emails of the operator had surfaced. The misused e-mails should lure their victims into a deceptively real-looking copy of Bitflyer to facilitate their login details. Then they transferred the funds of the victims until the wallets were empty. On June 22nd, Bitflyer’s operating company received an order from the Japanese FSA to do more for the safety of its users without delay. In the worst case, the company could be deprived of permission by the stock exchange supervisory authority to operate the trading venue.


The University of Tsukuba has published a report in cooperation with several companies. At least six Japanese crypto-exchanges do too little against the phishers. The website of the university has published warning emails to warn the criminals about their activities. According to a report by the Japanese anti-phishing company in collaboration with Trend Micro, the first phishing emails were sent to Japanese wallet owners in November 2017. Since the fall, there should be at least 1,500 confirmed phishing e-mails. But this number is really only the tip of the iceberg represent.

A spokeswoman for Blockchain analysis company Japan Credit Information Service Co. Ltd. (JCIS) told that received more information from government agencies. There was a hopefor a cooperation officially with the Japanese authorities in the future. For example, with the local stock exchange supervisory authority FSA, several police authorities and the tax authorities. So far, however, no single agreement on cooperation has been created.

Since the operating companies of the crypto portals seem to do far too little against the ongoing phishing attacks, the cat-and-mouse game continues cheerfully. The phishers are banking on the continued inertia of the operating companies and the lack of caution of their victims. However, the ongoing fraud will not be long before the call for new laws and regulatory action is heard.

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