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Latest cryptocurrency hack on Japanese exchange steals $60 million

Heather Parry

By Heather Parry

20 September 2018

Last week, Japanese cryptocurrency exchange Zaif became the latest in a long line of virtual currency exchanges to have been hacked on a major scale in the last year.

On Thursday, Zaif, which is owned by Tech Bureau Corp, announced that digital currency worth 6.7 billion yen, about $60 million, was stolen the previous week. The money was taken in Bitcoin, Monacoin and Bitcoin Cash.

Almost $20 million of the stolen money belonged to the exchange, while the rest, slightly over $40 million, was money taken from clients.

This is the second time in 2018 that a Japanese exchange has taken a major hit through hacking, with one of the largest exchanges, Coincheck, losing almost $500 million in a January hack.

The country’s Financial Services Agency launched an investigation following the Coincheck theft, and one of the exchanges ordered to improve security in this investigation was, you’ve guessed it, Zaif.

Tech Bureau have yet to give any details about how the hack occurred, except to say that it happened over about two hours on September 14th, and it notified authorities the next day.

We decline to comment on the details of how this illegal access occurred, as it is a crime and we’ve already asked the authorities to investigate.

However, the company did state that it had entered into an agreement with Fisco Ltd to receive a 5 billion yen investment, in order to compensate users. This would leave Fisco Ltd as majority owners of Zaif.

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