$60 Million Gone Without Anyone Realizing It

$60 Million Gone Without Anyone Realizing It

Zaif, a Japanese government-approved cryptocurrency exchange, recently reported a hack of 5966 BTC ($37 million). Additionally, the company also suspects withdrawals in Bitcoin Cash (BCH) and MonaCoin (MONA) which takes the total damage to $60 million.

After detecting a server anomaly on 17th September, an investigation was set up which indicated suspicious activities that dated back to 14th September. It was found that a hot wallet was indulged in illegally withdrawing BTC, BCH, and MONA between 17:00 and 19:00 on the same day.

More than $40 million of the total loss was suffered by the users while the company faced a dent of $19.6 million. The server of the exchange has been killed for the while to prevent any further losses and will be revamped once the security is brought on track.

The $70.3 million company with a trading volume of $55.6 million (in the last 24 hours) was established on 16th June 2016 and had gained strong roots, especially in Japan. But, considering the tremendous loss that had incurred it is hard to say what comes next for Zaif.

While the company sought an apology from its users and has called for help from the Financial Service Agency, there has been a mixed reaction from the users; some of them showing their support to Zaif and the others criticizing it for recognizing the glitch three days after it had already occurred.


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