Bitcoin Forum

The Japanese trading platform Zaif reported the theft of nearly 6.7 billion yen, or 60 million dollars of digital currency.

This came through the podium statement and operator by Tech Bureau, which announced the launch on its platform.
The Japanese trading platform Zaif is under attack

The company initially noticed an unusual flow of money on the platform, prompting the platform to suspend deposit and withdrawal services.

Tech Bureau also explained that after the company conducted the necessary investigations, the hackers stole $ 60 million.

The company added that the hackers had unauthorized access to dealing with the platform's online administrator.

Bitcoin coins, Bitcoin Cash on the Japanese trading platform Zaif and MonaCoin coins were stolen.

Despite these statements, the exact amount of money stolen from Bitcoin remains unknown.

The platform adds that its asset reserve currently stands at an estimated 2.2 billion yen, or $ 20 million.
Stealing and breaching the Japanese trading platform Zaif is the second breakthrough in Japan this year

Tech Bureau says it has approached the authorities involved in this major attack.

As a criminal case that needs much investigation and investigation.

As the penetration was through unauthorized access to the fund and the portfolio allocated through its platform.

The theft of the Japanese trading platform Zaif is the second to penetrate the platform in Japan this year.

 Where the Coincheck platform also reported that nearly $ 520 million of NEM coins had been stolen.

After the Cincheck platform was breached, the FSA conducted a series of inspections.

The agency is Japan's financial regulator, overseeing the country's digital currency platforms.

In order to ensure its security procedures and the Service has implemented an order to improve the work against Tech Bureau.

The resolution was aimed at strengthening security and combating money-laundering at the podium.


Will this affect the price of Bitcoin??
The price of the decomposition is supposed to drop due to this theft

This may affect the price of bitcoin, it has certainly changed the way people view and trust certain businesses in this sector.

How much have consumers lost as a percentage of the balances? Anything more than 5% in a hot wallet is a seriously risky game. It is much better to keep a group of authroised people on a multisig of 5 of 15 (then each 5 can do 8 hour shifts) in order to keep up the hot wallet (algorithms should be in place to also reduce the amount in the hot wallet once the balance goes beyond a certain amount). This is potentially a classic example of what happens when people run tech businesses with no idea as to the correct security methods in order to keep your daemons and keys safe...

Things like this will continue happening, maybe will even increase in the near term.

The thing is, black hat hacking have been becoming so easy and profitable that there is an army wanting to have a piece of the cake. The profitability comes precisely of the bad security practices organizations take to maximize profits and also due to the weak nature of internet itself when it comes to security.

It would probably affect yes, but if you look at it from a neutral and logic point of view. Lately a lot of security breaches have been exploited and a lot of money and information stolen outside the Crypto community.

The whole lesson of the story is that we really need to start thinking seriously about the repercussions of not taking security as the top concern when it comes to making new technologies.

Its called 'hack' not steal. Well you can consider it stolen at the very least until they find the perpetrators. The one bad thing about the new exchanges that is in the market right now is that they are considered always a target for these kind of people. Who would not want free money from easy hacking? They even do that in banks which are considered 'centralized'. We also have phishing which happened in Binance sometime ago that led to some measures being taken for the hacking to stop.

According to coindesk there were 5966 Bitcoins stolen from Zaif. That's between $38m if converted to today's price.  


The incident happened almost a week ago and there's barely any unusual movement for now. We've been through multiple hacking incidents before and the price of Bitcoin always recover. If the hacker decides to dump everything at once it can affect the price of Bitcoin but not in a huge way like mt gox.  

when a news like this comes out the effects are always right away, even in many cases the effects of the news happen before the news itself because of the insiders with information about it. this news of hack came out 5 days ago so now it is considered quite old:

https://www.coindesk.com/crypto-exchange-zaif-hacked-in-60-million-6000-bitcoin-theft/

and there is no effects on the price because exchanges that people don't hear about that often and are not popular won't change much even if the hack is huge like in this case. additionally the market trend is not in a state that can be affected by negative or positive news.

What's sad is that Zaif is a regulated exchange. I mean, we already know that the measures taken by the Japanese government probably wouldn't help security that much, but seeing one crack so early is quite discouraging. This may also lead regulators to tighten regulations even further, to the point where exchanges may not want to bother.

But yeah, the market has been desensitized to news like this, which is sad and amusing at the same time. There hasn't been any market reaction, and there likely won't be.

its not stealing, it's hacking and yes, it may give a negative vibe in Bitcoin Investment for a little while.

One thing here is that no one is sure if it is an inside job or not. I do advice people to try as much as possible not to leave their coin on exchanges, attime I have a feeling some of these exchanges if not most don't have the amount of BTC that some people feel they possess, just ryng as much as possible to patch their way through