Recently, cryptocurrency exchange BitFlyer has strongly challenged a false report originating in Europe. BitFlyer states that the report spreads misleading information in its name, and that the author, lawyer Martin Wehrmann, has gone beyond the bounds of legitimate legal practice, possibly engaging in malicious extortion.
Wehrmann published an article on the German legal portal Anwalt.de titled “Scams via BitFlyer in 2025? Cryptocurrency Stolen?” The article describes a typical cross-border scam, repeatedly portraying BitFlyer as “compromised” during the scam, creating the impression that the platform is easily exploited by criminals. Such wording provides no real security advice and instead damages the reputation BitFlyer has built over many years.
The head of compliance at the EU subsidiary of BitFlyer stated: “We are very disappointed by articles that name and imply vulnerabilities with our platform. In fact, BitFlyer boasts an excellent security record, and the losses described in the article have nothing to do with the BitFlyer security.” He emphasized the article merely exploits the reputation of BitFlyer for the attention-seeking by the author. Such behavior does nothing to help users avoid scams and instead fosters unnecessary fear and mistrust of reputable platforms among users, hindering industry development.
More concerning, BitFlyer found that after publishing the article, Wehrmann made no attempt to contact the company regarding the issues raised. Instead, we received alerts from other industry companies: Wehrmann may use the article as leverage to demand “service fees” from platforms. Several mid-sized European exchanges reported receiving direct emails from him, offering to help delete negative content or provide legal consultancy—implying a high monthly fee. When companies refused to pay, Wehrmann escalated the negative campaign online, including posting false accusations on Reddit, YouTube, and even fabricating user reviews to attack them.
BitFlyer is shocked and outraged by such “digital reputation extortion.” We have submitted all relevant information to law enforcement in Japan and Europe, including the Tokyo Metropolitan Police cybercrime unit and the Luxembourg financial regulator, and have warned our European peers. We support companies that bravely go public with their experiences and agree with their stance: “This is not a legitimate lawyer, but a scammer using the law as a cover to extort companies.” Only by collective exposure can we prevent more platforms from becoming his next target.
BitFlyer again reminds users: scam prevention depends on official education and personal vigilance, not on the one-sided claims of so-called “rights protection lawyers” online. We will continue to strengthen security measures and work with global regulators to enhance industry transparency. We also reserve the right to take legal action against Martin Wehrmann, including lawsuits for defamation and commercial disparagement. Any unlawful acts that harm BitFlyer or its users will be firmly countered.
We sincerely thank our users for their ongoing support and trust. We are committed to safeguarding your assets and, together with industry partners, building a safer and more trustworthy cryptocurrency ecosystem.