What the hack? Japanese exchange robbed of $60 million USD worth of Bitcoin

Japanese cryptocurrency trade exchange Zaif has been a recent target of a malicious hacker who has taken off with millions of dollars worth of Bitcoin

A press announcement was released on the matter. The report states that the exchange faced a security breach and hackers looted 4.5 billion yen from hot wallets belonging to the firm’s users. The hackers also took off with a further ¥2.2 billion yen in funds from the exchange, resulting in a combined loss of ¥6.7 billion yen. This translates to a whopping $59.7 million USD.

The company operating Zaif, Tech Bureau Inc, announced that there was an oversight detected at the beginning of the week. The servers were showing an error, which resulted in the exchange suspending trading.

The firm announced on Twitter that Bitcoin, Monacoin, and Bitcoin Cash deposits and withdrawals had been suspended:

The following day, it was discovered that hackers had managed to get into the system and take off with 5,966 Bitcoin. Additional MonaCoin and Bitcoin Cash were also plundered in the attack.

Tech Bereau Inc’s announcement highlights that the firm is now trying to do damage control and resume operations as early as possible:

“Currently, we are checking and strengthening security, rebuilding the server, etc., in order to restart the system of depositing/withdrawing virtual currency. We are committed to restoration as soon as possible, so please wait for a while. Moreover, we sincerely apologize for any inconveniences that may arise. “

The release statement also pointed towards a plan of action regarding the lost funds, however, no details were given:

“The restart of deposit/withdrawal of virtual currency is based on the premise that the safety of the system is confirmed. At the present moment, [we] sincerely apologize that I can not specifically mention the date of resumption. 
Regarding your valued assets, as we will discuss below, we are planned to be secured by procurement of property, so please understand kindly. “

Related Articles

Crypto exchange Binance doubles staff figures in Brazil

Binance has announced that it will be opening two new offices in Brazil, with the team behind the operation doubling in number.

Crypto ATMs post a decline for the first time in the industry

September posted a net negative change in cryptocurrency ATM installations, marking a dip in the number of machines for the first time ever.

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

See All