Zaif Licensed Crypto Exchange, Plans Compensation after 6,000 Bitcoins, $60 Million Crypto Theft

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

According to Nikkei, the operator did not detect the hack until September 17, suspending deposits and withdrawal services upon discovery. Tech Bureau approached the Financial Services Agency (FSA), Japan financial regulator, to report the breach with an investigation currently underway.

In the second major hack of a Japanese cryptocurrency exchange this year, some 6.7 billion yen ($60 million) in cryptocurrencies were stolen from the wallets of Zaif of which 4.5 billion yen ($40 million) belonged to customers.

Tech Bureau, an operator of cryptocurrency exchange Zaif, confirmed the hack occurred between 1700 and 1900 local time on September 14 wherein attackers managed to breach the hot wallets (online, connected wallets) of the exchange containing Bitcoin, Bitcoin Cash, and Monacoin.

While determining that 5,966 bitcoins were stolen as a result of the breach, Zaif says it is currently unable to ascertain the exact amount of Monacoin (MONA) and Bitcoin Cash (BCH) stolen.

“The reason for not being able to determine the damaged quantity at the moment is that the server is not restarted until the reliable safety can be confirmed in order to prevent secondary damage,” Zaif said in translated statements. “As soon as the quantity of the lost virtual currency is determined, we will report it promptly.”

In early January the domestic cryptocurrency is already under increased scrutiny by the financial regulator following a $530 million theft of cryptocurrency from Tokyo-based Coincheck, an unlicensed exchange.

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