On the 4th, a high school boy living in Miyazaki Prefecture was arrested on suspicion of illegal cryptocurrency transactions.
More specifically, between July and September of 2023, the boy had paid 60,000 yen in cash to purchase Litecoin - a type of cryptocurrency. In August of the same year, he allegedly sold Litecoin to a female office worker in her 40s for a total of 25,000 yen worth of electric money.
He is also suspected of operating a cryptocurrency exchange business without being registered with the government and had received commissions from 30 people. The boy solicited customers via X (formerly Twitter) and was reported to have earned 3 million yen in about one year of operation.
Many of his customers were teenagers, who supposedly opted for his service as there was no need to verify their identities.
The high school boy had admitted to the charges.
Source: Nikkei
