Crypto Heist: Hackers Steal $60 Million from Japanese Crypto Exchange Zaif

Zaif cryptocurrency exchange has been hacked and cryptocurrency worth about 6.7 billion yen (or $60 million) was stolen.

According to a statement released by the Exchange on Thursday, it first noticed suspicious activities on the platform on September 14, 17:00 local time. It promptly suspended deposits and withdrawals.

The exchange lost cryptocurrencies including 5,966 bitcoin [BTC], and unspecified amounts of Bitcoin Cash [BCH] and MonaCoin [MONA]. Of the money lost, 2.2 billion belonged the exchange while the rest was from customer accounts.

Zaif exchange is operated by the Tech Bureau and is one of the 16 exchanges approved by Japan’s Financial Service Agency (FSA).

It becomes the second exchange to suffer a major hack in Japan this year after Coincheck exchange lost about $530 million worth of NEM tokens to cyber attackers in January.

Coincheck eventually resumed operations in April, and soon accepted a takeover bid from Monex Group.

The exchange indicated that it would exchange a major share of the company for some investment to cover the cost of the loss. It explained that it has reached an agreement to sell a major stake in the company to Fisco, a Japan-listed company for $44.5 million.

Japan became a hub of cryptocurrency activities after the country decided to accept cryptocurrency and regulate it. The FSA are mandated to implement regulations aimed at protecting customers and preventing incidents like this.

For its part, the FSA strengthened its regulatory requirements following the Coincheck attack. After conducting some regulatory sweeps, the FSA issued improvement orders to several crypto operators in the country. Tech Bureau received an order on security and anti-money laundering in March.

Tech Bureau said it has informed the authorities of the attack and it is been investigated. Although it didn’t give a date for resumption of deposit/withdrawal services, it promised to compensate victims of the incident.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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