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$60 million worth cryptocurrency stolen in Japan

Bitcoin Core

A cryptocurrency exchange operator in Japan said Bitcoin and other cryptocurrencies worth 6.7 billion Yen ($60 million) has been hacked and stolen in Japan amid an alleged cyber attack.

The server of Osaka-based exchange bureau Zaif was illegally accessed and money was transferred from it. However, the Tech Bureau denied providing the details of how the system was accessed and the details of the cyber attack.

“We cannot comment on the process of how the system was illegally accessed but we have contacted the concerned authorities to investigate the issue”, Tech Bureau said in a statement. Further, the statement said the money stolen was Bitcoin, Bitcoin cash, and monacoin.

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In order to eliminate the concerns of customers the Tech Bureau said we will take measures to protect our customer’s assets so they are not affected by cyber attacks, the Bureau would receive financial support from its major shareholder Fisco Group, it added.

The current management team will also step down after this incident of inflicting loss to customers, the Bureau said.

According to Jiji Press, Japan’s financial services agency started the probe into the company on Thursday. Japan is the hub of virtual currencies with more than 50,000 shops across the country accepting bitcoin.

Previously, Japan-based exchange Coincheck was hacked inflicting the loss of 0.5 billion dollars of NEM, the 10th largest cryptocurrency by market capitalization. Japanese authorities later told two digital currency exchanges to suspend operations following the hack.

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Mark Goodman

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