Japan’s cryptocurrency exchange, Zaif has been reportedly hacked. According to the latest reports received, the exchange lost around 6.7 billion Yen, including 5,966 bitcoins. Zaif, which was a licensed exchange, is operated by the Tech Bureau. On September 144, the exchange first noticed an unusual outflow of funds on the platform at around 17:00 Japan time. After this, the exchange suspended withdrawal and asset deposit services.
After further investigation, Tech Bureau said that it discovered that the hackers who had unauthorized access to the exchange’s hot wallets stole roughly around $60 million in Bitcoin Cash, MonaCoin and Bitcoin.
Cryptocurrency exchange Zaif added that since its own asset reserve is presently around 2.2 billion Yen (or $20 million), it has entered into an agreement with Fisco, a Japan-listed firm, to receive a $44.5 million investment in lieu for a major share of ownership. Tech Bureau added that considering the nature of the unauthorized fund access during the hack, it has reported the incident as a criminal case to the local authorities to carry out further investigation in this regard.
The Financial Services Agency (FSA) has launched a series of inspections on crypto exchanges following the Coincheck hack, regarding the security measures followed by the exchanges in the country. In March, the FSA had issued a business improvement order to Tech Bureau specifically pertaining to anti-money laundering and security enhancement, as stated in the CoinDesk report.
The exchange added that presently they are unable to determine the exact amount of loss, as the server has not been restarted until reliable safety can be confirmed in order to prevent any secondary damage. It said that it would promptly report to its customers as soon as the exact quantity of the loss is determined.
Cryptocurrency exchange Zaif informed that presently the exchange is checking and strengthening its security and rebuilding the server so that it can restart the system of withdrawing and depositing virtual currency. It added that they have entered into a basic agreement with Kaica Corporation with the objective of improving their exchange’s security system, as mentioned in the PR Times, Japan report.
The post Japan’s Cryptocurrency Exchange Zaif Hacked – 6.7 Billion Yen Lost appeared first on OWLT Market.
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