Cryptocurrency News

$60 million lost in huge cryptocurrency theft

Keeping cryptocurrency in a digital wallet is always a risky move, and that was proved today when it was announced that the Japanese Bitcoin exchange of Zaif has been robbed of $60 million worth of digital coins. The theft took place on September 14th, but it wasn’t until three days later that it was confirmed that a hack had taken place, and the authorities were notified.

The hacker did not stick to stealing just one coin, the thieves managed to take cryptocurrencies such as Bitcoin, Monacoin and Bitcoin Cash, with access though the internet. Of the money that was taken, about $20 billion belonged to Tech Bureau, the parent company of Zaif. The rest of coins belonged to the clients of the exchange, meaning that a huge number of customers were affected by the theft.

Currently the parent company is working on finding a way to pay back the many customers that were affected, which will likely be by gaining an investment.

Over the years, Japan has suffered from a number of Bitcoin exchange thefts through the years, including the high profile Mt. Gox theft. Mt. Gox lost most of its Bitcoin back in 2014, with things so bad that in the end the company had to file for bankruptcy. Customers from Mt. Gox are still waiting on the refund from this incident, with some likely loosing hope that the funds will ever be returned to them.

More recently was the theft from the popular Bitcoin exchange of Coincheck, where $530 million was stolen in January of this year. It was after this attack that Japan’s FSA announced that that found many exchanges lacked proper security measures and protection. After the attack, new exchanges have to register with the FSA before opening to make sure that they are secure enough.

Related posts