Zaif cryptocurrency exchange loses $60 million in recent hack

[anhhasd51]

The Osaka-based cryptocurrency exchange discovered hack two days ago, and is working to secure funds to reimburse affected users.

Japanese cryptocurrency exchange Zaif announced today that it lost $60 million worth of company and user funds during a security incident that took place last week.

The company said it discovered the hack on Monday, September 17, and confirmed it a day later, when it reached out to authorities and reported the incident.

The Zaif team suspended user deposits and withdrawals earlier today, while its staff is making sure the hacker(s) is out of their network for good.

Investigators are still gathering details, but Zaif said the hack took place on September 14, between 17:00 and 19:00 local time, when the attacker siphoned off three types of cryptocurrencies from the company's "hot wallets."

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[Slow death]

The exchanges in Japan have been very targets of these robberies and this is not good. Look:

coindesk:

Crypto Exchange Zaif Hacked In $60 Million, 6,000 Bitcoin Theft

ccn:

Newsflash: Japanese Cryptocurrency Exchange Zaif Hacked, $59 Million in Losses

bitcoinexchangeguide:

Japanese Crypto Exchange Zaif Loses Nearly $60 Million in Security Breach Hack

In a similar situation from earlier this year, Japan’s financial regulator intervened after major Japan-based exchange Coincheck was hacked. That exchange was ordered to pay customers back after a $530 million hack in 2017.

it`s something very strange, because in just one year have 2 cases

[TravelMug]

@Slow death, we thought that Japan have learned their lessons well from the Coincheck hacked, but it seems they didn't do enough for secure their coins, thus Zaif was targeted and those criminals were able to stole $60 million. I can only speculate that maybe its the same group or even the same nation (North Korea). I have no proof but it seems they love to hit either South Korean or Japanese exchanges.

But the good thing do is that the news didn't put a dent on the price, on the contrary the price seems to go up at this time.

[pinkflower]

What should the Japanese government do now? Should they start banning some exchanges if it doesnt pass an imposed government security review? Should they control any cryptocurrency exchange directly like the Japanese stock market?

[kenzawak]

Japanese Cryptocurrency Exchange Zaif to Resume Activity Seven Months After Hack

https://cointelegraph.com/news/japanese-cryptocurrency-exchange-zaif-to-resume-activity-seven-months-after-hack

"Japanese cryptocurrency exchange Zaif announced that the transfer of the business from Tech Bureau to Fisco Digital Asset Group (FDAG) will become effective on April 22, and that normal activity will resume on the next day. Cointelegraph Japan reported on the developments on April 20."

[Hamphser]

Japanese Cryptocurrency Exchange Zaif to Resume Activity Seven Months After Hack

https://cointelegraph.com/news/japanese-cryptocurrency-exchange-zaif-to-resume-activity-seven-months-after-hack

"Japanese cryptocurrency exchange Zaif announced that the transfer of the business from Tech Bureau to Fisco Digital Asset Group (FDAG) will become effective on April 22, and that normal activity will resume on the next day. Cointelegraph Japan reported on the developments on April 20."

Thanks for giving out some update about this exchange.It do took 8 months for them to operate once again.Just wondering if the users of this exchange have been compensated prior to the hacked funds?

[bL4nkcode]

Good thing the exchange has enough funds to cover its loss. But after the hack, I'll try to stay away from this exchange if I'm one of the users of the exchange for good.

Just wondering if the users of this exchange have been compensated prior to the hacked funds?

As far as I understand, users will be repaid in fiat and crypto with 40 and 60% on april 23.

[Jating]

Good thing the exchange has enough funds to cover its loss. But after the hack, I'll try to stay away from this exchange if I'm one of the users of the exchange for good.

Just wondering if the users of this exchange have been compensated prior to the hacked funds?

As far as I understand, users will be repaid in fiat and crypto with 40 and 60% on april 23.

Yep, it's hard to trust an exchange that has a prior history of being hacked. I do hope that when they resume operations, they should at least learn a valuable lessons so that this mistakes won't happen again in the future.

In took them 8 months, I assuming that it's a major overall of their system so patch those holes in their system. So let us see how they will do in the future.

[hugeblack]

As far as I understand, users will be repaid in fiat and crypto with 40 and 60% on april 23.

It is proof of their credibility, the continued use of this platform depends on the cause of the hack.
If this hack due to negligence or default in the development of protection software, they will likely to lose their customers.

If it is beyond their control, I will use that platform again.

[kenzawak]

Zaif was bought by a company named Fisco... which is now under investigation from the Japanese authorities. They wanna make sure that they are "adhering to customer protection and anti-money laundering regulations."

https://www.ethnews.com/japanese-officials-investigate-2-crypto-exchanges

[Kemarit]

Zaif was bought by a company named Fisco... which is now under investigation from the Japanese authorities. They wanna make sure that they are "adhering to customer protection and anti-money laundering regulations."

https://www.ethnews.com/japanese-officials-investigate-2-crypto-exchanges

I think FSA is just doing it's routine check on these exchanges as they step up their regulations and doing some hand-on approach. There are news that Japan to Provide G20 With Solution for Crypto Regulation. So I guess this is a good thing as they wanted to protect us in the long run. And do hope that due to their being involved more in exchanges, investors will be confident enough to pour their money again in the ecosystem, win-win situation for us.