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Japanese exchange Zaif hacked, reportedly lost over $59 million

Sep 20 2018
By
Jonathan Smith

 

Japanese crypto exchange Zaif was hacked and lost over $59 million worth of cryptocurrencies, local media sources reported today.

 

According to the report, the hackers stole 5,966 Bitcoins, some Bitcoin Cash, and MonaCoin. Cryptocurrencies worth 4.5 billion yen have been stolen from the users’ hot wallets, and 2.2 billion yen from the company funds. Thus, total losses amount to 6.7 billion yen or around $59.7 million.

 

The company operating Zaif, Osaka-basedTech Bureau Inc., stated in a press release that there was a security breach on September 14, however the exchange realized that this was a hack on September 18. Deposits and withdrawals were suspended a day earlier. The company furthermore stated that Fisco Digital Asset Group will help Zaif cover lost customer assets by providing 5 billion yen ($44.5 million), and will become a majority shareholder in the company.

 

Tech Bureau Inc. immediately reported the hack to the Japanese financial regulator, the Financial Services Agency (FSA). The FSA has asked the company to submit a report on the incident and plans to perform an on-site inspection.

 

Japan is a home to some of the world’s largest digital asset exchanges, and has also hosted two of history’s biggest known crypto hacks – that of Mt. Gox in 2014 and the theft of some $500 million in NEM from Coincheck in January.

 

TAGS: Zaif  crypto-exchange  hack 
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