Cryptocurrency Exchange

Japan-based Cybersecurity Experts Finally Investigated Source of Hackers of Zaif Exchange

Zaif-Exchange

With the complexities amongst the crypto community have accelerated their pace, the regulators and authorities from around the world have applied strict regulations in order to protect the interest of community users.

All of us know that in mid-September 2018, hackers successfully stole 6.7 billion yen (about $59 million at press time) worth of crypto assets owned by users the crypto exchange – Zaif Exchange. The amount comprises of 5,966 Bitcoins (BTC) in addition to Bitcoin Cash (BCH) and MonaCoin (MONA).

In a recent news story where the cybersecurity experts from Japan Digital Design Co. (JDD), a subsidiary of the bank holding giant Mitsubishi UFJ Financial Group (MUFG) have found a prospective evidence against the hackers that executed its stealing plan towards the Zaif Exchange.

With the official statement states that the stolen MonaCoin was transited from Zaif on 20th October, JDD has been successful in order to detect the source of almost five transactions pertaining to the erstwhile stolen crypto assets and JDD is believed to have provided the information to the respective authorities pertaining to the origin of those that executed transactions.

How JDD identified the source of Hackers

In order to detect the stolen assets, JDD organized a hackathon in later of September in association with local cybersecurity team – TokyoWestern and EL Plus, one of the security firm by organizing an infrastructure across multiple cloud services.

The official report further states while elaborating the matter “In the investigation of the stolen virtual currency, the remittance route was analyzed through a static analysis of the blockchain […] by deploying the virtual currency node at a large scale […] we verified whether we can obtain clues such as source IP address etc.”

Further speaking to the subject matter, the operator of Zaif Tech Bureau is believed to have received its third business improvement order issued by Japan’s Financial Services Agency (FSA). With this, the FSA has criticized Tech Bureau saying that Tech Bureau does not investigate fully into the cause of the recent hacking activities nor does it cooperate customers satisfactorily.

Needless to say that the agency may get business suspension order or cancellation of exchange’s registration to the extent that it failed to comply with the order issued by it.

About the author

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a.
You can also mail him at [email protected] to discuss anything related to his reports.

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