Hackers’ Attack on Zaif

SHARE THIS POST:

Another cryptocurrency exchange platform was hacked and the criminals stole about 60 million dollars. It’s not only the next attack of such type in Japan but also the next one on Zaif.

Detection of the problem

It all started on Friday, September 14th when the Zaif’s team noted a huge payout from the cryptocurrency exchange platform. After that, they decided to suspend the possibility of making deposits and payouts from Zaif calling it technical problems. It seems like the Zaif’s team didn’t know exactly what had happened till Tuesday, September 18th. That was the day when Tech Bureau, the company which is the owner and administrator of Japanese platform, reported the theft to Japanese Financial Services Agency (FSA). The next day, Wednesday 19th of September, the company published a statement in which they admitted that the platform had been hacked.

60 million dollar loss

Due to the theft, Zaif lost cryptocurrencies worth 6.7 billion yen (60 million dollar). The attack was focused on hot wallets of this cryptocurrency exchange platform. Hackers gained about 6 000 bitcoins (BTC) worth right now almost 38 million dollars. The most popular cryptocurrency wasn’t the only one that was stolen because Bitcoin Cash (BCH) and MonaCoin (MONA) also disappeared.

As Zaif had an agreement with Fisco Digital Asset Group, Tech Bureau informed that the company will pay out about 44.5 million dollars. Unfortunately, this amount is still smaller by about 25% than the amount of stolen funds. As the agreement was mutually binding, Tech Bureau agreed to dismiss about half of the hired directors and inside auditors.

The remaining 25% will be covered by Zaif’s financial reserves which are about 20 million dollars. It will be used to make a refund to all the victims.  

Zaif’s past

It’s not the first time when the cryptocurrency exchange platform Zaif has been in trouble. As we reported in February 2018, the platform experienced technical problems that allowed users to buy Bitcoin using yen for exactly 0 yen. It lasted only 18 minutes, but for 7 users it was enough to purchase this crypto. The bug was noticed by Zaif’s team when one of the users wanted to pay out around 20 million dollars.

If you want to comment this article, visit our Blockchain24.co forum!

The blockchain24.co site shall not be held responsible for any consequences resulting from the use of data contained in the pages of the site.