Japanese crypto exchange Zaif is the latest exchange in the country to fall victim to a cryptocurrency heist. According to Tech Bureau Inc, the company which operates the exchange, hackers have stolen approximately $60 million in Bitcoin, Bitcoin Cash, and MonaCoin.
Earlier today, Tech Bureau issued a press release explaining that it first noticed unusual activity on the exchange on September 14, causing the company to suspend asset deposit and withdrawal services. On September 17, the exchange detected a server error. The following day, Zaif confirmed the hack, after which it notified Japan’s Financial Services Agency (FSA) about the incident. The hack occurred over a two-hour period on the day suspicious activity was detected, with cryptocurrencies stolen from the exchange’s hot wallet.
Tech Bureau has confirmed Fisco Digital Asset Group will help Zaif cover lost assets through a 5 billion yen investment (roughly $45 million), giving the firm majority ownership. The amount may change if further investigation reveals additional cryptocurrency was stolen.
Whether or not the hack has had an impact on the crypto market is hard to say. At the time of writing, Bitcoin is hovering above the $6,400 mark, up 0.89% in the past day. However, Bitcoin Cash is down 1.80%, trading at $427. It appears MonaCoin has taken the brunt of the blow, with its price diving 3.6% lower over the last 24 hours.
Over the past year, Japan’s FSA has been investigating cryptocurrency exchanges, looking into their security and anti-money laundering measures. Though the FSA has not commented on this incident, it is likely the hack will lead to increased regulatory scrutiny in the country.
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