Hacked Japanese crypto exchange to sell majority stake

Hacked Japanese crypto exchange to sell majority stake

After loosing Bitcoin worth $60 million, ZAIF said it is looking at selling off controlling stake to a new investor to cover its losses.

It would be recalled that Japan’s ZAIF said hackers made away with Bitcoins to the tune of 5,966 bitcoins.

Zaif is onwed by Tech Bureau. The company said on today that the exchange first noticed an unusual outflow of funds on the platform around 17:00 Japan time on September 14, after which the company suspended asset deposit and withdrawal services.

Tech Bureau explained that after further investigation, it discovered that hackers with unauthorized access to the exchange’s hot wallets had stolen roughly $60 million in bitcoin, bitcoin cash, and MonaCoin. That being said, the exact amount of bitcoin cash stolen remains unknown.

The exchange added that since its own asset reserve is currently around 2.2 billion yen (or $20 million), it has reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership.

Tech Bureau said given the nature of the unauthorized fund access, it has filed the incident as a criminal case to local authorities for further investigation.

Japanese cryptocurrency exhanges have been the worst hit in hacking incidents since digital currencies became popular.

Coincheck, MtGox are just some of the few exchanges that have suffered breaches.