Japan Crypto Exchange Zaif Hacked, $60 M Worth of Digital Currencies Lost to Hackers

Japan-based crypto exchange, Zaif, reported on September 14 that their platform was hacked.  In a statement released by TechBureau through PRTimes, a local media outlet in Japan, the firm reported that on September 14, some of the services on their platform was suspended as a result of the hacking incident.

TechBureau, the operator of the licensed crypto exchange, said that more than 6.7 billion Yen or around USD 60 million worth of cryptos in Bitcoin, Bitcoin Cash, and MonaCoin was stolen after hackers were able to access Zaif’s hot wallets.

Taking action on the heist, TechBureau reported the incident to the police for a deeper investigation into the case.  It was also discovered that the exchange only has a current reserve of around 2.2 billion Yen equivalent to USD 20 million. As a result, Zaif was forced to work with Fisco, another Japan-listed company.  In exchange for the majority of its shares, Zaif received $44.5 million worth of investments from Fisco.

Earlier this year, another Japan-based crypto exchange, Coincheck, was also hacked and lost around $520 million worth of NEM tokens.  Following the hack on Coincheck, Japan’s Financial Services Agency conducted a thorough inspection on all of the country’s crypto exchanges wherein Tech Bureau received a business improvement in March to beef up the security and observe a more strict anti-money laundering practice.