• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
Japan Zaif
Advertisement

Japanese Cryptocurrency Exchange Platform Zaif Hacked For $60 Million

Osato Avan-Nomayo by Osato Avan-Nomayo
4 years ago
in Bitcoin Exchange, Bitcoin, News, News teaser
0
Advertisement

Zaif, a cryptocurrency exchange service, is the latest victim of an attack by suspected hackers. The Osaka-based platform has reportedly lost cryptocurrencies worth 6.7 billion yen ($60 million) to the attackers.


Details of the Attack

Tech Bureau Corp, owners of Zaif, announced the hack in a statement released on Thursday (September 20, 2018). According to Bloomberg, the cybercriminals siphoned 2.2 billion yen ($19.6 million) belonging to the platform with the remaining stolen funds belonging to Zaif’s customers.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Based on available reports, it appears the hack occurred on Friday (September 14, 2018) between 5 PM and 7 PM local time. However, the company only discovered the hack three days later. The suspected cybercriminals managed to steal Bitcoin, Bitcoin Cash and MonaCoin from the platform’s hot wallet.

The statement did not provide explicit details about the manner in which the attack occurred, saying:

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.

As at press time, only the exact amount of Bitcoin stolen – 5,966 BTC ($37.8 million), is known. Reports indicate that the platform is still trying to ascertain the proportion of stolen Bitcoin Cash and MonaCoin in the remaining $22.2 million. In the aftermath of the attack, Zaif disabled all deposits and withdrawals.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

FSA Reaction and the Next Step for Zaif

In response to the hack, Japan’s Financial Services Agency (FSA) instructed Tech Bureau to submit an incident report. Furthermore, the regulatory watchdog to carry out a physical inspection of the platform as has become its custom in the wake of any hack.

Earlier in the year, the FSA ordered Zaif to improve its operations or face severe penalties. The order came about due to a security bug that allowed some customers of the platform to purchase free bitcoin.

For Zaif, the road ahead involves securing a loan of 5 billion yen to facilitate payment to affected customers. The money is expected to come from the sale of company shares to Fisco Ltd.

A Litany of Japanese Cryptocurrency Exchange Platform Hacks

Zaif is the second Japanese cryptocurrency exchange platform to suffer a hack in 2018. At the start of the year, hackers stole more than $500 million in NEM tokens from Coincheck, another Japanese cryptocurrency exchange platform.

Just like with Zaif, the Coincheck heist occurred because funds were left in a poorly secured hot wallet. In Coincheck’s case, the hackers were able to hijack a the single-signature hot wallet that held the over half a billion dollars’ worth of NEM tokens.

Will this latest hack force the FSA into even more stringent regulatory measures? Let us know in the comments below!


Images courtesy of Bitcoinist archives, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Related Posts

Bitcoin BTC

Will Bitcoin And Ethereum Crash? DCG Sells Grayscale Trust Shares

2 hours ago
Bitcoin

Top Crypto Miner At Record Bitcoin Production, Bear Market Over?

13 hours ago
Bitcoin price

This Will Be Important For Bitcoin And Crypto This Week

1 day ago
New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

2 days ago
Bitcoin Derivatives Markets Volumes Show Bullish Trend After 2022 Downturn

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

3 days ago
Bitcoin

Sri Lanka Central Bank Says Bitcoin Cannot Solve Economic Crisis

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • These 7 Best Cryptocurrencies to Buy During Presale

    14 mins ago
  • Which Is The Best Crypto Meme Coin To Invest In 2023...

    1 hour ago
  • Cardano On The Climb, Whilst Big Eyes Coin Extends 200%...

    2 hours ago
  • Big Eyes Coin can boast the biggest pre-sale in recent...

    2 hours ago
  • OptionBlitz Leverages Ethereum Layer 2 Protocol Arbitrum to...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.