CNN: Newsflash: Japanese Cryptocurrency Exchange Zaif Hacked, $59 Million in Losses
A large amount of Bitcoin, Mona coin, and Bitcoin Cash were withdrawn from its hot wallet illicitly. According to the media, the total amount of loss reached 59 million USD.
Zaif is a Japanese exchange administered by Asayama. It reported having decided on accepting financial aid from Fisco, a popular finance company in Japan. It suggests that Zaif will be ruled by Fisco.
In Japan, Coincheck was also hacked resulting in more than 500 million USD in losses. There are many other examples of cryptocurrency exchanges being cracked. Attacking a cryptocurrency exchange seems now a trend for cybercriminals. If successful, the fruit is tremendous I believe money laundering of stolen cryptocurrency is another challenge. But unfortunately, there is no example that the criminal is arrested when using the coins so far.
Maintaining convenience and security consist of a dilemma. We pay not a few amounts of fees for bank exchange. Storing coins in a wallet is perhaps too risky for exchanges to assure the asset of customers. In the near future, many exchanges will introduce more retro and inconvenient processes, such as manual input, for some particular transactions instead of usage of more vulnerable ways.
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