$60 mln stolen from Zaif crypto exchange

$60 mln stolen from Zaif crypto exchange

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Hackers stole 60 million USD in crypto coins form the Japanese based Zaif crypto exchange – the latest in a series of cyber attacks, that continue to plague the emerging crypto market.

The theft happened last week, but was announced on Thursday by Tech Bureau Corp., the company behind Zaif crypto exchange.

Of the nearly 60 million USD worth of stolen coins, about 19,6 million (2,2 billion yen) belonged to the exchange, while the rest belonged to clients. The stolen coins were Bitcoins – nearly 6000, as well as some Bitcoin Cash and Monacoin.

This is the second major crypto exchange attack in Japan for 2018, since the theft of 500 million USD worth of digital coins from Coincheck Inc. in January.

This is also the fifth major crypto incident for 2018 globally and that is one of the reasons large institutional investors still avoid the crypto market.

Zaif Exchange, which according Coinmarketcap.com is the 35th largest crypto exchange by turnover in the world, promised to compensate users who lost assets in the attack.

Zaif detected a server error on September 17th and suspended all operations immediately. It was only a day after – on September 18th, that it was realized the error was in fact a cyber attack and was reported to the Japanese financial regulator, the Financial Services Agency (FSA).

After the hack was reported, Bitcoin remained stable and today traded above 6380 USD. Still, since the beginning of the year the benchmark digital currency has lost more than half of its value.

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