Cryptocurrency Exchange

Major cryptocurrency exchange of Japan, Zaif, hacked.

A prominent virtual currency exchange of Japan has been hacked and a major amount has been stolen from the exchange. A sum of $59 million has been taken away from the exchange. A sum of 4.5 billion yen was taken away from the wallets and there was a severe theft from the assets of the company, an amount of 2.2 billion yen was stolen from these assets. A total of these losses comes to $59.7 million. It has delivered a severe blow to the virtual currency in Japan.

The operator of Zaif was Tech Bureau Inc, and an error was found by it on the server. Soon it was discovered that the aforementioned error was a hack and therefore it was immediately reported to the financial regulator of Japan, that is, Financial Services Agency. Bitcoin, Bitcoin Cash and MonaCoin were stolen as a result of the hack. Moreover, this firm will soon get soon get some help in order to recover from the losses that are incurred due to the hack. Fisco Digital Asset group will assist the group in overcoming the losses by giving a sum of $44.5 million. An agreement has been made stating that Fisco will be the majority shareholder in the company.

This is not the first time something like this has happened with Zaif, there have been such errors in the past as well. For example, the time when consumers could lay their hands on Bitcoin for free and they had managed to acquire Bitcoin worth of trillions.

About the author

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Kavya Lakhani

Kavya is one of the integral members of the CryptoNewsZ Journalists team. She manages the team of correspondents and researches for the platform. She holds a master degree in Journalism and has cryptocurrency trading experience as well. She constantly follows the cryptocurrency ecosystem with a passion for decentralized fin-tech.

You can also mail her at [email protected] to discuss anything related to her reports.

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