Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybercrime

Japan Digital Currency Exchange Hacked, Losing $60 Million

TOKYO (AP) — Hackers have stolen 6.7 billion yen ($60 million) worth of cryptocurrencies from a Japanese digital currency exchange, the operators said Thursday.

TOKYO (AP) — Hackers have stolen 6.7 billion yen ($60 million) worth of cryptocurrencies from a Japanese digital currency exchange, the operators said Thursday.

Tech Bureau Corp. said a server for its Zaif exchange was hacked for two hours last week, and some digital currencies got unlawfully relayed from what’s called a “hot wallet,” or where virtual coins are stored at such exchanges.

The exchange was taken offline until details of the damage could be confirmed, and efforts were underway to get it back working, Tech Bureau said.

Japan has been bullish on virtual money and has set up a system requiring exchanges to be licensed to help protect consumers. The system is also meant to make Japan a global leader in the technology. Bitcoin has been a legal form of payment in Japan since April 2017, and a handful of major retailers here already accept bitcoin payments.

But the recurrence of cryptocurrency heists shows problems persist.

Earlier this year, the Tokyo-based exchange Coincheck reported a 58 billion yen ($547 million) loss of a cryptocurrency called NEM from suspected criminal hacking.

Coincheck, in operation since 2012, had been applying for a government license but had not yet gotten one. That led to industry-wide soul-searching, led by government financial regulators, to prevent such problems.

Zaif got registered with the government last year.

Advertisement. Scroll to continue reading.

The company said Thursday it had accepted a 5 billion yen ($45 million) offer from Fisco, a Tokyo-based investment company, for a majority stake in Tech Bureau, headquartered in Osaka.

The cryptocurrencies stolen in last week’s hack included Bitcoin and Monacoin. Of the stolen money, 2.2 billion yen ($20 million) belonged to the company, and the rest were customers’ assets, according to Tech Bureau.

Earlier this year, a glitch at Zaif allowed some people to buy cryptocurrencies for zero yen.

Related: Cryptocurrency Theft Tops $1 Billion in Past Six Months 

 

Related: Cryptocurrencies Fall After Hack Hits Japan’s Coincheck 

Written By

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Discover strategies for vendor selection, integration to minimize redundancies, and maximizing ROI from your cybersecurity investments. Gain actionable insights to ensure your stack is ready for tomorrow’s challenges.

Register

Dive into critical topics such as incident response, threat intelligence, and attack surface management. Learn how to align cyber resilience plans with business objectives to reduce potential impacts and secure your organization in an ever-evolving threat landscape.

Register

People on the Move

The US arm of networking giant TP-Link has appointed Adam Robertson as Director of Information and Security.

Raj Dodhiawala has been named Chief Product Officer at Eclypsium.

Cyber exposure management firm Armis has promoted Alex Mosher to President.

More People On The Move

Expert Insights

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest cybersecurity news, threats, and expert insights. Unsubscribe at any time.