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Hackers Strike Japan's Crypto Exchange to Steal $ 60 Million

Jake Hill
Jake Hill

Zaif, Cryptocurrency Exchange based in Japan has been attacked by hackers. The Exchange lost $ 60 Million USD worth Cryptocurrency during this hack.

According to Reuters, On the 14th of September, the cryptocurrency exchange was hacked. After four days they on September 18th the exchange went on alert mode because they realized it was hacked and thus informed the authorities.

Damages Caused By the Attack.

Tech Bureau, the parent company of the cryptocurrency exchange has lost $20 Million (2.2 billion yen). Customers of cryptocurrency exchange have lost $40 Million (4.5 billion yen). And altogether the total losses was approximate $59.67 million stolen (6.7 billion yen).

In this attack Cryptocurrencies like Bitcoin, Bitcoin Cash and Monacoin was taken by the hackers.

How did the Hackers Attack.?

The hackers got access to the cryptocurrency exchanges ‘Hot wallet’ through the internet. Hot wallet is where cryptocurrencies are stored but these hot wallets are connected to the internet and are vulnerable. Thus experts suggest keeping cryptocurrency in cold wallets as it is not connected to the internet and thus reduces the chances of getting attacked.

Until now the investigation is taking place and authorities are trying best to trace the hackers who have stolen the cryptocurrencies.

This Attack Makes FSA to Rethink on Regulation.

This attack has a very negative impact on the FSA towards Cryptocurrency Industry. Because the Agency had been reviewing the cryptocurrency exchanges for regulations. And also has warned the cryptocurrency exchanges to be secured.

Japan has been facing multiple attacks from hackers this year. Thus makes the FSA rethink to Tighten the regulation on the security area of the cryptocurrency exchanges. Let’s wait to see will the hackers be caught on this attack. And what actions will FSA take in the future to stop such attacks?.

 

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cryptoCrypto Exchangecybersecurityjapan

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com