Bitcoin

Japanese Cryptocurrency Exchange Hacked, $60 Million Worth of Bitcoin Stolen

Japanese Cryptocurrency Exchange Hacked, $60 Million Worth of Bitcoin Stolen

Hackers have stolen $59 million worth of cryptocurrencies from the Japanese exchange Zaif, according to PR Times.

Local news in Japan reported that the result of a security breach on September 14th resulted in that hackers stole 4,5 billion yen from users hot wallets and 2,2 billion yen from the companies assets. The total amount equals to $59,7 million.

“It turned out that unauthorised access from the outside hacked some of the deposits and withdrawal hot wallets, and part of the virtual currency managed by us was illegally discharged to the outside“.

The cryptocurrency exchange Zaif is operated by Tech Bureau Inc and said in the press release that they discovered abnormality on September 17, 7 pm, and hacking damaged could be confirmed on the 18th. Currently, the company are checking and enhancing the security and rebuilding the servers. When this is done, depositing and withdrawal will return to normal according to the company.  

“Currently, we are checking and strengthening security, rebuilding the server, etc., 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, I sincerely apologise for any inconveniences that may arise”. 

Tech Bureau Inc reported the incident to the Japanese financial regulator, Financial Services Agency (FSA). The hackers stole in total $5,966 Bitcoins (BTC) and also some Bitcoin Cash (BCH) and MonaCoin (MONA).  

Tech Bureau Inc stated that they would get financial assistance from the JASDAQ listed company Fiscal Digital Asset Group. An agreement has been made where Fiscal will dismiss most of Tech Bureau’s directors and corporate auditors and becoming a majority shareholder in the company. Fiscal will, however, help Zaif to cover 5 billion yen, $44,5 million, of customers lost funds. Tech Bureau Inc has also gotten assistance from another JASDAQ listed company to be provided with technology to improve Zaifs security.

Also, we have concluded a basic agreement with Kaica Corporation (listed on JASDAQ, Securities Code 2315) today, with the contents of providing technology for improving security to our company.”

For now, a basic agreement has been signed by all parties, and the execution is planned to take place at the end of the month. They will make sure to cover the customers lost funds and stress that it is important that the customer’s assets are not affected by the hack.

“We consider contents to consider providing 5 billion yen to our company with Fisco Digital Asset Group Co., Ltd. We have signed a basic agreement. We are preparing and negotiating with the company on the premise that the offer will be executed at the end of this month”.

Image Source: “Flickr”

My name is Dennis Sahlström, I have been trading and investing since 2012 and have since June 2017 made between 3-6% a month. I have been watching the crypto market since the beginning of 2017 and saw the great returns a lot of people had gotten. I thought I needed to do my research! Since then I have been studying the crypto market and realised the great potential Blockchain have. Some say it’s internet 3.0 we are looking at and I am sure its here to stay. It is already changing industries and the world. Also, I am running a crypto education platform because I think people should educate themselves about the opportunities we have in front of us.


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