cryptocurrency news

Japan Cryptocurrency Exchange Hacked and $59.7 Million Lost

Japan cryptocurrency exchange platform Zaif

Hackers have reportedly managed to hack a Japan cryptocurrency exchange platform Zaif and get away with digital assets estimated to be worth more than $59.7 million. According to verified sources, the hackers managed to get into the system and steal 4.5 billion yen from the exchange platform customers’ hot wallets. They also went ahead to steal digital assets owned by the company worth 2.2 billion yen. The total loses amount to 6.7 million yen or 59.7 million US dollars.

How Japan Cryptocurrency Platform Zaif Hacking Happened

Tech Bureau Inc, the company that operates Zaif stated in a press release that the exchange detected a server error on September 17th and immediately suspended all withdraws and deposits. 24 hours later, the IT personnel realized that the server error was a hack and reported the matter to the Japanese Financial Service Agency (FSA). The press release also went ahead to clarify that in addition to MonaCoin (MONA) and Bitcoin Cash, the hackers managed to steal 5,966 bitcoins (BTC).

Japan cryptocurrency exchange platform Zaif

As reported by Coin Telegraph, Tech Bureau Inc also went ahead to state that Fisco Digital Asset Group will help the Japan cryptocurrency exchange platform Zaif, to cover customer assets lost by providing 5 billion yen ($44.5 million). Tech Bureau signed an agreement with Fisco to dismiss more than half of its corporate auditors and directors. Notably, Fisco is the majority shareholder in the company while Zaif is ranked 101st largest cryptocurrency exchange platform in the world in terms of trade volume.

This is not the first time that the exchange platform has experienced technical hitches. On February 16th this year, a system error allowed customers to trade yen for cryptocurrency at a rate of 0 yen per coin. As a result, they were able to purchase Bitcoin (BTC) worth trillions of dollars before the error was identified and resolved. Be sure to check out Alpha SEO Plus blog for more relevant news related to cryptocurrency and blockchain technology

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