Japanese Crypto Exchange Hit by $60m Heist

Yet another Japanese cryptocurrency exchange has been targeted by hackers: this time Zaifsuffered losses worth 6.7bn yen ($60m) earlier this month.

Virtual currencies including Bitcoin, Monacoin and Bitcoin Cash were stolen from the exchange’s hot wallet, with 4.5bn yen’s worth ($40m) belonging to Zaif customers.

The incident occurred over a two-hour period on September 14, with server issues detected three-days later and the authorities notified shortly after. The firm is withholding precise details of the attack while the authorities investigate.

Parent company Tech Bureau has reportedly already been hit with two business improvement orders this year and was subsequently forced to sign an agreement with investment group Fisco that will see the firm receive 5bn yen to help replace the lost coins, in exchange for majority ownership.

This is just the latest in a long line of cyber-attacks on Japanese crypto firms. Most famously, Tokyo-based Coincheck lost $530m worth of virtual currency earlier this year.

That could explain why the Financial Services Authority has created a new regulatory framework for such companies operating in Japan — the first of its kind to do so. ..Read More..

Leave a Reply

Your email address will not be published.

top