ZAIF

DESCRIPTION OF EVENTS

"The licensed exchange, called Zaif, is operated by the Tech Bureau. It said on Thursday 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." “Zaif added that they were planning to restart the server along with a security update and that they had notified the authorities about the case.”

$60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "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", saving investors from having to lose all their funds.

Crypto Exchange Zaif Hacked In $60 Million Bitcoin Theft - CoinDesk (Feb 6)
100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents (Jan 24)
Q3 2018 Cryptocurrency Anti-Money Laundering Report - CipherTrace (Feb 14)
Lessons Learned from the Biggest Crypto Hacks in History (Feb 25)
The Biggest Cryptocurrency Hacks of 2018 (A Year in Which $1 Billion Crypto Was Stolen) (Feb 25)
Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com (Mar 4)
Japanese Crypto Exchange Sues Binance for Role in $63 Million Bitcoin Hack  | Crypto Briefing (May 22)
SlowMist Hacked - SlowMist Zone (Jun 25)

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