Japan-based cryptocurrency exchange Zaif was reportedly hacked, and approx. $60 million worth of cryptocurrencies were stolen, which includes 5966 Bitcoin.
Reported on September 19th 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 17th 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 101st 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.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Circle of Games (COG)—Web3's multi-gaming platform has raised a $1mn round from Nazara, with participation…
Unconference Bali 2024, Asia’s premier Web3 event, is poised to take center stage against the…
Tradeleaf, a leading FinTech company empowering global trade through digital solutions, recently celebrated a significant…
Foundership Global Accelerator, a prominent force in the Web3 & Emerging-Tech Community boasting over 10,000…
April 16, 2024 - Condo, the world's first real-world asset (RWA) meme token, was recently…
The Partisia Blockchain Foundation, at the forefront of crafting privacy-enhancing and interoperable blockchain platforms, today…
