Zaif Exchange Hackers Behind $60 Mln Hack To Be Exposed Soon.

Zaif Exchange Hackers Behind $60 Mln Hack To Be Exposed Soon.

2018-11-05 | Robin Williams

Zaif Exchange Hackers Behind $60 Mln Hack To Be Exposed Soon.

Cybersecurity consultants and experts at Japan Digital Designe [JDD], a subsidiary of Mitsubishi UFJ financial group [MUFG], say they've found possible revealing data on the bad actors behind the recent $60 Mln hack of Japanese crypto exchange Zaif.

While announcing in its official press release, the company stated that it had been investing the outflow of funds from Zaif exchange since after its hack, in line with Takayuki Sugiura at information-security consultancy LPlus and security consultants from a "capture the flag" cybersecurity team known as TokyoWesterns.

Once some number of the stolen funds, within the Mona-Coin cryptocurrency, started being transferred late last month, JDD stated it had been able to determine the "source" of the attackers.

The team added that it has shared this data with the authorities, stating: "Since the Mona-Coin cryptocurrency began moving from 20th Oct., we investigated the source of 5 transactions in question and provided data to the authorities regarding the characteristics of the transaction mastermind."

While there are few specific details provided and it's additionally unclear how correct the information collected is, the official release further adds, [via on-line translation]:

"In the investigation of the leaked virtual currency, payment route has been analyzed through static analysis of the block chain, however with this effort, by deploying the virtual currency node on an oversized scale once the outflow of the virtual currency, we were able to verify whether or not, we can acquire clues like sources IP address etc. We also got additional helpful data to know the accuracy of the knowledge along with the cost of tracking.”

Zaif, a commissioned crypto exchange in Japan, was hacked earlier in the month of Sept., losing cryptocurrency worth of around $60 Mln at the time, together with Bitcoin [BTC], Bitcoin Cash [BCH] and Mona-coin.

Even last month, Japanese monetary regulator, the FSA [Financial Services Authority], stated that it had been seeking data from Tech Bureau, the operator of Zaif, together with why there was a delay in reporting the hack.

Tech Bureau additionally disclosed in Oct a concept to compensate users who lost funds within this attack – a move that saw it sign an agreement to transfer the Zaif exchange business to in public listed invested firm Fisco.

Japan reportedly lost around $540 Mln to crypto hacks within the first 6 months of this year in 2018, in line with the information from National Police Agency [NPA].

Leave a comment

Your email address will not be published. Required fields are marked *

Top 7 cryptocurrency overview

Best trading tool for cryptocurrency

2022 Top cryptocurrency Price Prediction List