How an 18-Year-Old Hacker Stole Millions of Yen from a Crypto Project
A teenage hacker stole millions of yen from a Japanese crypto project. | Source: Shutterstock
According to local publications, an 18-year-old hacker stole 15 million yen, which is equivalent to $134,640, worth of a crypto asset called Monacoin.
On Monappy, a platform that enabled Monacoin users to store their funds, the hacker initiated a large number of transactions in a short period of time to overload the system.
Between August 14 and September 1, the hacker reportedly stole funds from 7,700 users.
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JapanToday reported that the hacker told the police he initiated a series of hacking attacks against the platform because he “felt like I’d found a trick no one knows and did it as if I were playing a video game.”
The hacker reportedly discovered a vulnerability on the platform which was triggered when the platform received many transaction requests in an abrupt manner.
When the system was jammed with transaction requests, the hacker took advantage of it and allegedly reallocated over a hundred thousand dollars in crypto.
The report read:
“He took advantage of a weakness in a feature of the website that enables a user to transfer the currency to another user,