Japan based Cryptocurrency Exchange Zaif Hacked, Losses Worth $60 Million

Japan-based cryptocurrency exchange Zaif was reportedly hacked, and approx. $60 million worth of cryptocurrencies were stolen, which includes 5966 Bitcoin.

Reported on September 19^th by Prtimes Japan, hackers managed to take 2.2 billion yen($19.6 million) worth of company assets as well as 4.5 billion yen from user wallets. Apart from that, 5,966 bitcoins, as well as some amount Bitcoin Cash (BTC) and MonaCoin, were also stolen. The total loss is estimated to be around $50 million.

The exchange is operated by Tech Bureau Inc. On 17^th September the exchange detected an error in the network, after which the exchange stopped all the transactions. On testing the unusual outflow of funds, it was found as a breach in the network.

The amount of Bitcoin cash stolen has not yet been figured. For covering the huge loss of the company’s assets, the firm Fisco Digital Assets Group will help Zaif by giving 5 Million yen ($44.4 million), in return for a huge company membership. Tech Bureau agreed to dismiss more than half of its directors and auditors and making Fisco Groups a majority shareholder in the company.

Zaif is the 101^st largest cryptocurrency exchange in the world by volume. But in recent times there have been cases of ‘system glitches’ in the network. Earlier this year in February, some customers were temporarily able to trade yen for cryptocurrency at ‘0 yen per coin’. Some customers temporarily got hold of Bitcoin Cash in trillions.

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