Japanese Crypto Exchange Zaif Suffers $59 Million Loses In Recent Hack

Another bad news for the crypto ecosystem as yet another crypto exchange was hacked. Japanese cryptocurrency exchange Zaif was the victim of a major hack last week with loses worth 6.7 billion Yen.

The hack, which transpired on Sept. 14 but was not detected until Sept. 17, saw the hacker steal numerous amounts of bitcoin, bitcoin cash, and monacoin from the exchange’s hot wallet, which collectively was worth just under $60 million.

Zaif has declared however that the attempts to re-enable deposits and withdrawals are already well underway. The exchange has also detailed the hack to the Japanese Treasury Department. The firm also alleges to have already made damages declaration to the related authorities. An official statement put out by the exchange said,

“Currently, we are checking and strengthening security and rebuilding the server in order to restart the system.”

Zaif has further notified Japan’s Financial Services Agency, as well as invited a third-party investigation firm known as the Kaichi Corporation to review possible causes of the hack and to trace the steps the hackers took to carry it out.

The most tangible step that the firm has taken so far is to announce that the managing team that oversaw the exchange during the hack. This is seen in the following official statement:

All of our management team takes seriously that our valuable deposit assets have disappeared due to this hacking damage. As a result, even if the virtual currency equivalent to customer’s assets can be prepared by the above-mentioned funding etc., the concerns and inconveniences given to customers are tremendous.

The incident follows the high-profile theft of $530 million earlier this year at Tokyo-based cryptocurrency exchange Coincheck Inc in one of the world's biggest cyberheists that forced regulators to order stepped-up risk management protocols. Coincheck has since been taken over by Japanese online brokerage Monex Group Inc.

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