Japanese Police Arrest Chinese Man For Selling Crypto Accounts To Criminals

Crime, News | April 5, 2018 By:

A Chinese man has been arrested in Japan for allegedly selling cryptocurrency accounts to a group of criminals for profit.

The Japanese police revealed on Tuesday that they arrested Lin Xiaolin, a corporate executive living in Tokyo. The 30-year-old was detained on March 15. Lin allegedly opened six accounts at a cryptocurrency exchange in Tokyo by accessing its server from his home country under the identity of a Vietnamese individual. The police said the accounts was then immediately sold to the criminal group for about 100,000 yen ($1000 USD).

The police claimed that Lin paid 30,000 yen ($300 USD) to a Vietnamese individual he knew on Facebook in order to purchase the personal details of another Vietnamese person. The personal information included the name, birthday, and other vital information. This data was used to open the accounts at the unnamed Tokyo-based exchange between July 6 and 9, 2017. The Chinese corporate executive has denied these allegations.

The police believe that the criminal group deposited cryptocurrency taken from a third party to the accounts they got from Lin in violation of the law. The investigators also think Lin might have handed the criminals not just accounts, but other “tools” they may use.

Lin’s arrest came after the police detained four Vietnamese back in February for allegedly providing the accused with the information needed to set up the crypto accounts. However, at the time, prosecutors decided not to indict them.