Another Japanese exchange attacked, $60 million in losses

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Japanese cryptocurrency exchange Zaif announced yesterday that Zaif had been hacked last week, with hackers stealing nearly $200 million worth of 6.7 billion yen (approximately $60 million) of multiple cryptocurrencies, including 5966 BTC, and some BCH and MONA.

It was also reported in local media that the current hack may be related to a security breach disclosed on September 14. Hackers used this security breach to steal 4.5 billion yen from Zaif's users' hot wallets and 2.2 billion yen from the company's assets.

The Zaif team suspended user access to the service earlier yesterday while staffers were making sure the hacker was no longer in its network.

After the incident, Zaif management announced that it would take responsibility for it and resign.

Zaif's parent company, Tech Bureau, explained to the public that they had decided to suspend deposit and withdrawal transactions after detecting a server error on September 17. 18 September. Zaif Exchange realizing that the error was the result of a hacking attack. The incident was then immediately reported to Japan's financial regulator, the Financial Services Agency of Japan (FSA).

Tech Bureau also revealed that as the company's majority shareholder, FISCO Digital Asset Group will provide them with 5 billion yen (about $44.5 million) in assistance to help Zaif Exchange cover the loss of its customers' assets.

According to CoinMarketCap, Zaif is not a large cryptocurrency exchange and is currently ranked 101st in the world in terms of trading volume.

However, the event itself could have a major impact on the Japanese cryptocurrency industry. In January, CoinCheck, a leading Japanese cryptocurrency exchange, was hacked and lost nearly half a billion dollars. Subsequently, the Japan Financial Services Agency launched a series of security inspections and oversight efforts. But even so, the hackers still managed to find the vulnerability in the cryptocurrency exchange once again and successfully carried out the attack.

Recently, the Japanese Financial Services Agency announced that it will be processing a large backlog of applications for cryptocurrency exchange licenses. However, with the revelation of this hack, it is not known if it will cast a shadow over the future approval of exchange licenses.

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