New $59 Million Hack: Japanese Crypto Exchange Zaif Got Breached

Yet again hackers are in the center of attention in the latest cryptocurrency news where the Japanese crypto exchange was hacked and hackers managed to take $59 million worth of crypto.

It’s interesting that the actual security breach happened 6 days ago, on September 14^th when hackers reportedly stole about 4.5 billion yen from users’ wallets and also 2.
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2 billion yen in company assets. The total losses come up to 6.7 billion yen or as we said, $59.7 million. In a press release, Tech Bureau that operates the exchange Zaif stated that the exchange did detect an error on the server on September 17 and Zaif quickly suspended all deposits and withdrawals. The very next day, the exchange came up to a conclusion that the error was actually a hack and hurried to report the breach to the Japanese financial regulator.

The Financial Services Agency determined that the hackers stole 5,966 bitcoins and also some Bitcoin Cash. They didn’t stop there and took what’s left of MonaCoin. Zaif is now cooperating with Fisco Digital Asset Group in order to cover all the lost assets by providing 5 billion yen.
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Tech Bureau also agreed to dismiss half of the company’s directors and let Fisco be the main stakeholder in the company.

According to CoinMarketCap, Zaif is the 101^st crypto exchange in terms of trading volume. Just as the exchange started working fine, earlier this year there was a system glitch that allowed all the users to acquire trillions of dollar worth of bitcoin for free. This incident, followed by the latest one, could potentially have major implications for this company in Japan since regulations are tightening up the belt and request for even stricter rules.