Japanese Cryptocurrency Exchange Zaif Hacked, 6000 Bitcoin Stolen

by | Sep 20, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

Cryptocurrency Hack | Japnese Exchange firm | Zaif | 6000 Bitcoin

Zaif, a Japan-based cryptocurrency exchange has now, unfortunately, joins the list of cryptocurrency platforms that have faced a hack. The licensed exchange, operated by the Tech Bureau, has been robbed off  6.7 billion yen (about $60 million worth of cryptocurrency), including 5,966 bitcoins.

According to the reports, on September 14, the exchange first observed an unusual outflow of funds on the platform around 17:00 Japan time. As a result, the company suspended asset deposit and withdrawal services. Tech Bureau further explained that in-depth investigations revealed that hackers gained unauthorized access to the exchange’s hot wallets and has roughly taken away $60 million in bitcoin, bitcoin cash, and MonaCoin. Though the exact amount of bitcoin cash stolen remains unknown.

Given the nature of the unauthorized fund access, Tech Bureau has filed the incident as a criminal case to local authorities for further investigation. It was further disclosed that the exchange’s current asset reserve is around 2.2 billion yen (or $20 million) and the hack has pushed them to partner with Fisco,  a Japan-listed firm, to receive a $44.5 million investment in exchange for a major share of ownership.

Zaif is the second Japanese company to face an hack this year. In January, Coincheck reported a hacker attack and a subsequent loss of a whopping $520 million in NEM tokens. The  Coincheck’s hack was followed by a series of inspections on cryptocurrency exchanges in the country regarding their security measures, launched by Japan’s financial watchdog, Financial Services Agency (FSA).

Notably, the FSA issued a business improvement order to Tech Bureau in March, which suggested them to enhance their security and anti-money laundering services.

Read more: Japan’s Financial Regulator Reveals The Updated List of Crypto Regulations

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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