According to a recent report by a local source, due to a security bug on Sept. 14 this year, web hackers were able to hack around $4.5 Bln Yen from users digital wallets, along with $2.2 Bln Yen from the assets of the exchange holdings, with total losses accounting to around 6.7 Bln Yen [$59.6 Mln].
Tech Bureau Incorporation, that operated Zaif, revealed in an official press release that the exchange detected a server error on 17th Sept., there after which the exchange suspended all of its deposits and withdrawals. On 18th Sept., the exchange concluded that the error was indeed a hack, and reported the incident to the local financial regulators, the Financial Services Agency [FSA]. Hackers were able to lay their hand on around 5,966 bitcoins [BTC] additionally along with some Bitcoin Cash [BCH] and MonaCoin [MONA].
Adding further Tech Bureau Incorporation mentioned that the firm Fisco Digital Asset group would be supporting Zaif in its losses by providing five billion yen ($44.5 Mln). Tech Bureau signed AN agreement with Fisco to dismiss more than half of its administrators and auditors additionally to Fisco turning into a majority investor within the company.
Zaif exchange is one among the largest digital currency exchange in terms of trade volume operating globally.
Earlier this year, Zaif admitted to a “system glitch” that allowed users to quickly acquire trillions of dollars of Bitcoin [BTC] without charge in February. Sixteen customers were accidentally able to “trade” yen for digital currencies at a rate of zero yen per coin.