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The Devil Takes Bitcoin: Cryptocurrency Crimes and the Japanese Connection
The wild, true story of cyber-era commerce, crime, cold-hard cash, and one of the greatest heists in history.
Even in hell, Bitcoin talks. This modern take on an old Japanese saying still holds true. Cryptocurrency was supposed to do for money what the internet did for information, but it didn’t work out that way. Its virtual existence unleashed real-world chaos — especially in the homeland of its mysterious creator, Satoshi Nakamoto. Tokyo was the centre of the world’s largest bitcoin exchange, Mt. Gox, until that company collapsed with nearly half a billion dollars’ worth of bitcoin gone missing. It might be the greatest heist in history. If it was a heist.
So what really happened? Here’s the true story of the humble-to-hot commodity, from the former geek website that launched the boom to an inside world of absent-minded CEOs, hucksters, hackers, cybercrooks, drug dealers, corrupt federal agents, evangelical libertarians, and clueless techies. You’ll discover Bitcoin’s connection to the infamous Silk Road, learn why hell has nothing on Japan’s criminal justice system, and get the lowdown on the high cost of betting with the Devil’s dollars. All of this for less than the price of a single bitcoin.
Even in hell, Bitcoin talks. This modern take on an old Japanese saying still holds true. Cryptocurrency was supposed to do for money what the internet did for information, but it didn’t work out that way. Its virtual existence unleashed real-world chaos — especially in the homeland of its mysterious creator, Satoshi Nakamoto. Tokyo was the centre of the world’s largest bitcoin exchange, Mt. Gox, until that company collapsed with nearly half a billion dollars’ worth of bitcoin gone missing. It might be the greatest heist in history. If it was a heist.
So what really happened? Here’s the true story of the humble-to-hot commodity, from the former geek website that launched the boom to an inside world of absent-minded CEOs, hucksters, hackers, cybercrooks, drug dealers, corrupt federal agents, evangelical libertarians, and clueless techies. You’ll discover Bitcoin’s connection to the infamous Silk Road, learn why hell has nothing on Japan’s criminal justice system, and get the lowdown on the high cost of betting with the Devil’s dollars. All of this for less than the price of a single bitcoin.
- GenresJapanTrue Crime
190 pages, Kindle Edition
Published September 2, 2025
15 people are currently reading
126 people want to read
About the author
Jake Adelstein
15 books786 followersJake Adelstein has been an investigative journalist in Japan since 1993 and low-ranking Zen Buddhist priest since 2017--and is unlikely to ever achieve satori. That's okay. He's considered one of the foremost experts on organized crime in Japan and works as a writer and consultant in Japan, the United States and France. He is the author of Tokyo Vice: A Reporter on the Police Beat in Japan (Vintage) and has written two other books published by Marchialy in France.
𝗝’𝗔𝗜 𝗩𝗘𝗡𝗗𝗨 𝗠𝗢𝗡 𝗔̂𝗠𝗘 𝗘𝗡 𝗕𝗜𝗧𝗖𝗢𝗜𝗡𝗦 (I Sold My Soul For Bitcoins) 2019
𝗝’𝗔𝗜 𝗩𝗘𝗡𝗗𝗨 𝗠𝗢𝗡 𝗔̂𝗠𝗘 𝗘𝗡 𝗕𝗜𝗧𝗖𝗢𝗜𝗡𝗦 (I Sold My Soul For Bitcoins) 2019
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Displaying 1 - 5 of 5 reviews
June 21, 2025
Book Review: The Devil Takes Bitcoin: Cryptocurrency Crimes and the Japanese Connection by Jake Adelstein
Rating: 4.5/5
Reviewer’s Perspective & Initial Reactions
As a female sociologist and public health professional, I approached Adelstein’s exposé with a dual lens: critiquing the systemic inequities embedded in cryptocurrency’s rise and its collateral damage to vulnerable communities. While the book is framed as a true-crime narrative, its unflinching dissection of Bitcoin’s dark underbelly—from Silk Road’s drug markets to Mt. Gox’s collapse—resonated with my research on how deregulated systems exacerbate public health crises (e.g., addiction, financial precarity). Adelstein’s gritty, journalistic prose evoked both fascination at the audacity of these crimes and visceral discomfort at their human toll, particularly in Japan’s marginalized communities.
Strengths & Emotional Impact
-Structural Critique in Disguise: The book’s portrayal of absent-minded CEOs and corrupt federal agents inadvertently indicts late-stage capitalism’s failures. As a sociologist, I appreciated how it revealed cryptocurrency as a microcosm of broader systemic rot—though Adelstein stops short of explicit theorization.
-Public Health Implications: The ties between Bitcoin and illicit drug trade (e.g., Silk Road) underscored parallels to my work on substance abuse and digital harm reduction. The lack of regulatory oversight—a recurring theme—mirrors gaps in public health infrastructure.
-Emotional Resonance: Chapters on Mt. Gox’s collapse elicited a sense of injustice, particularly for small investors wiped out by corporate negligence. The gendered angle (e.g., male-dominated tech culture’s recklessness) simmered beneath the surface, begging for deeper analysis.
Constructive Criticism
-Intersectional Gaps: Adelstein’s focus on high-profile players (hackers, CEOs) sidelines how women, low-income traders, and racial minorities bear disproportionate risks in crypto’s Wild West. A public health lens demands this equity analysis.
-Policy Solutions Missing: While diagnosing crypto’s chaos brilliantly, the book offers few pathways for regulation or consumer protection—a missed opportunity to bridge journalism and advocacy.
-Cultural Nuance: The Japan-centric narrative occasionally universalizes crypto’s harms without contrasting how Global South economies experience them differently (e.g., crypto-colonialism).
Why This Book Matters
The Devil Takes Bitcoin is a riveting, if unsettling, primer on cryptocurrency’s collateral damage. Its journalistic flair makes systemic critique accessible, though scholars must supplement its gaps with intersectional and policy-oriented research.
Thank you to the publisher for the free copy via Edelweiss. Rated 4.5/5—a must-read for critics of tech libertarianism, with caveats about its silences.
Pair With: Digital Cash (Finn Brunton) for crypto’s ideological roots or Weapons of Math Destruction (O’Neil) for algorithmic harm. Ideal for readers seeking a page-turning yet substantive critique of tech’s dark side.
Rating: 4.5/5
Reviewer’s Perspective & Initial Reactions
As a female sociologist and public health professional, I approached Adelstein’s exposé with a dual lens: critiquing the systemic inequities embedded in cryptocurrency’s rise and its collateral damage to vulnerable communities. While the book is framed as a true-crime narrative, its unflinching dissection of Bitcoin’s dark underbelly—from Silk Road’s drug markets to Mt. Gox’s collapse—resonated with my research on how deregulated systems exacerbate public health crises (e.g., addiction, financial precarity). Adelstein’s gritty, journalistic prose evoked both fascination at the audacity of these crimes and visceral discomfort at their human toll, particularly in Japan’s marginalized communities.
Strengths & Emotional Impact
-Structural Critique in Disguise: The book’s portrayal of absent-minded CEOs and corrupt federal agents inadvertently indicts late-stage capitalism’s failures. As a sociologist, I appreciated how it revealed cryptocurrency as a microcosm of broader systemic rot—though Adelstein stops short of explicit theorization.
-Public Health Implications: The ties between Bitcoin and illicit drug trade (e.g., Silk Road) underscored parallels to my work on substance abuse and digital harm reduction. The lack of regulatory oversight—a recurring theme—mirrors gaps in public health infrastructure.
-Emotional Resonance: Chapters on Mt. Gox’s collapse elicited a sense of injustice, particularly for small investors wiped out by corporate negligence. The gendered angle (e.g., male-dominated tech culture’s recklessness) simmered beneath the surface, begging for deeper analysis.
Constructive Criticism
-Intersectional Gaps: Adelstein’s focus on high-profile players (hackers, CEOs) sidelines how women, low-income traders, and racial minorities bear disproportionate risks in crypto’s Wild West. A public health lens demands this equity analysis.
-Policy Solutions Missing: While diagnosing crypto’s chaos brilliantly, the book offers few pathways for regulation or consumer protection—a missed opportunity to bridge journalism and advocacy.
-Cultural Nuance: The Japan-centric narrative occasionally universalizes crypto’s harms without contrasting how Global South economies experience them differently (e.g., crypto-colonialism).
Why This Book Matters
The Devil Takes Bitcoin is a riveting, if unsettling, primer on cryptocurrency’s collateral damage. Its journalistic flair makes systemic critique accessible, though scholars must supplement its gaps with intersectional and policy-oriented research.
Thank you to the publisher for the free copy via Edelweiss. Rated 4.5/5—a must-read for critics of tech libertarianism, with caveats about its silences.
Pair With: Digital Cash (Finn Brunton) for crypto’s ideological roots or Weapons of Math Destruction (O’Neil) for algorithmic harm. Ideal for readers seeking a page-turning yet substantive critique of tech’s dark side.
March 28, 2025
The Devil Takes Bitcoin
2025 is the year of Bitcoin books. The first book about bitcoin I read was Benjamin Wallace’s The Mysterious Mr. Nakamoto & then last night I read another book about bitcoin titled The Devil Takes Bitcoin by Jake Adelstein. Yes, the same Jake Adelstein who’s written the famous Tokyo Vice, The Last Yakuza, Operation Tropical Storm & Tokyo Noir. Join Jake Adelstein & Nathalie Stucky, as they work to help Mark Kepeles clear his name and expose the true villain who had stolen half a billion dollars in bitcoin in one of the biggest heists ever.
Writing, Pacing, Information Both Old & New
As always, Jakes writing is easy to follow and flows well. The book is a quick read and it’s fast paced and kept my interest. I started reading it in the evening and finished it around 10 or 11 pm last night. I’m a fast reader anyway, but when a book keeps my attention in this way, I finish it in a day or day and a half. The book begins with a basic explanation of what Bitcoin is before diving deep into Mark Kepeles and the suspects as to who is the real Satoshi Nakamoto, many of which are also mentioned in Benjamin Wallace’s The Mysterious Mr. Nakamoto. It was also interesting learning about Silk Road and Ross Ulbricht, its creator. It was also interesting learning about the real thief who stole half a billion dollars in Bitcoin. If you enjoy nonfiction, & bitcoin preorder The Devil Takes Bitcoin by Jake Adelstein, coming out in October! Thank you, Jake, for the early copy and I look forward to doing another Behind The Book Q&A with you discussing the book!
2025 is the year of Bitcoin books. The first book about bitcoin I read was Benjamin Wallace’s The Mysterious Mr. Nakamoto & then last night I read another book about bitcoin titled The Devil Takes Bitcoin by Jake Adelstein. Yes, the same Jake Adelstein who’s written the famous Tokyo Vice, The Last Yakuza, Operation Tropical Storm & Tokyo Noir. Join Jake Adelstein & Nathalie Stucky, as they work to help Mark Kepeles clear his name and expose the true villain who had stolen half a billion dollars in bitcoin in one of the biggest heists ever.
Writing, Pacing, Information Both Old & New
As always, Jakes writing is easy to follow and flows well. The book is a quick read and it’s fast paced and kept my interest. I started reading it in the evening and finished it around 10 or 11 pm last night. I’m a fast reader anyway, but when a book keeps my attention in this way, I finish it in a day or day and a half. The book begins with a basic explanation of what Bitcoin is before diving deep into Mark Kepeles and the suspects as to who is the real Satoshi Nakamoto, many of which are also mentioned in Benjamin Wallace’s The Mysterious Mr. Nakamoto. It was also interesting learning about Silk Road and Ross Ulbricht, its creator. It was also interesting learning about the real thief who stole half a billion dollars in Bitcoin. If you enjoy nonfiction, & bitcoin preorder The Devil Takes Bitcoin by Jake Adelstein, coming out in October! Thank you, Jake, for the early copy and I look forward to doing another Behind The Book Q&A with you discussing the book!
Review of advance copy received from Netgalley
What this is: an accessible history on the advent and evolution of bitcoin and more specifically, the bankruptcy of Mt Gox and the trial surrounding its owner.
What it is not: any tie ins to how Japanese crime specifically is funded or aided by bitcoin.
That was my bad for interpreting the title like this surely! But once I realized what was going on, I was seated and listening. I confess to not know a ton about bitcoin, a) not being a rich person and b) caring about what energy consumption does to the environment, so this was a really decent education in what's all going on, the mysterious (and probably pseudonym'd) Satoshi Nakamura), a quick primer on the Silk Road (which I was more aware of), and also how the Japanese crime industry works (which I was also unfortunately aware of). Everything is explained in a way that people coming in completely blind to any of these topics would know quite a bit more on the outset! It was, in short, pretty good and really interesting.
The narrator was very, "just the facts, ma'am," which works for crime reporting, but unfortunately his Japanese pronunciation left some things to be desired (shibuYA, etc). Not the worst I've heard, but not great, either. But, every time he wasn't saying Japanese words (so the vast majority of the book!) it was easy to listen to.
Thank you to Tantor Media/Tantor Audio and NetGalley for the ALC for review!
What it is not: any tie ins to how Japanese crime specifically is funded or aided by bitcoin.
That was my bad for interpreting the title like this surely! But once I realized what was going on, I was seated and listening. I confess to not know a ton about bitcoin, a) not being a rich person and b) caring about what energy consumption does to the environment, so this was a really decent education in what's all going on, the mysterious (and probably pseudonym'd) Satoshi Nakamura), a quick primer on the Silk Road (which I was more aware of), and also how the Japanese crime industry works (which I was also unfortunately aware of). Everything is explained in a way that people coming in completely blind to any of these topics would know quite a bit more on the outset! It was, in short, pretty good and really interesting.
The narrator was very, "just the facts, ma'am," which works for crime reporting, but unfortunately his Japanese pronunciation left some things to be desired (shibuYA, etc). Not the worst I've heard, but not great, either. But, every time he wasn't saying Japanese words (so the vast majority of the book!) it was easy to listen to.
Thank you to Tantor Media/Tantor Audio and NetGalley for the ALC for review!
January 4, 2026
This book is hard to define as it a mismash of different story lines.
There is some forensic anthology of Bitcoin and the key players involved in the birth of Bitcoin together with some high level introduction to the concepts of digital currency and blockchain. I found that part interesting even if at times overly detailed and protracted.
The second part of the book describes the frenzy that drove the early adoption of Bitcoin for the purposes of funding criminal activities or for pure speculative purposes. It provides good insight in the limitations of a system where there is no legal supervision or oversight in place, where no reliable exchange platform exists and where it is relatively easy to steal Bitcoins from people’s wallets. What could be described as the Bitcoin Wild West.
The third part then focuses on various legal investigations mostly taking place in Japan which is the least interesting part of the book in my opinion.
Overall some useful background to the origins of Bitcoin and its messy beginnings as well as some interesting insights into the main characters in the Bitcoin saga but I found the book lacking clear purpose and direction.
There is some forensic anthology of Bitcoin and the key players involved in the birth of Bitcoin together with some high level introduction to the concepts of digital currency and blockchain. I found that part interesting even if at times overly detailed and protracted.
The second part of the book describes the frenzy that drove the early adoption of Bitcoin for the purposes of funding criminal activities or for pure speculative purposes. It provides good insight in the limitations of a system where there is no legal supervision or oversight in place, where no reliable exchange platform exists and where it is relatively easy to steal Bitcoins from people’s wallets. What could be described as the Bitcoin Wild West.
The third part then focuses on various legal investigations mostly taking place in Japan which is the least interesting part of the book in my opinion.
Overall some useful background to the origins of Bitcoin and its messy beginnings as well as some interesting insights into the main characters in the Bitcoin saga but I found the book lacking clear purpose and direction.
November 30, 2025
Fascinating, slick, and entertaining true-crime book that solves the mystery of the infamous collapse of the Mt. Gox cryptocurrency exchange in Tokyo, where nearly half a billion dollars' worth of Bitcoin went missing between 2011 and 2013. This book expands several investigative stories that Adelstein wrote for The Daily Beast that I read several years ago, so I was pleased the book solves the mystery of the theft and wraps things up nicely in a satisfying conclusion. This is an intriguing heist story as well as an excellent primer on Bitcoin, cryptocurrency exchanges, cybersecurity, the Japanese justice system, corrupt presidential pardons, and the dark web.
This book is similar to Easy Money by Ben McKenzie and Jacob Silverman for its slick on-the-ground reporting style, a trademark of New Journalism, but I liked this book slightly more due to Adelstein's investigative skill, his clever and knowledgeable sources, and his obsessive determination over several years to expose the dark underside of the cryptocurrency industry. It's a wild tale.
This book is similar to Easy Money by Ben McKenzie and Jacob Silverman for its slick on-the-ground reporting style, a trademark of New Journalism, but I liked this book slightly more due to Adelstein's investigative skill, his clever and knowledgeable sources, and his obsessive determination over several years to expose the dark underside of the cryptocurrency industry. It's a wild tale.
Displaying 1 - 5 of 5 reviews