Japanese Cryptocurrency Exchange Hit with $60M Theft

Tech Bureau, a Japanese cryptocurrency exchange, has confirmed a $60 million theft following recent initiatives to improve its security posture.

Tech Bureau said its Zaif exchange was hacked over a two-hour period on Sept. 14. Three days later, it noticed server problems and confirmed the attack on Sept. 18. The theft totaled 6.7 billion yen ($59.67 million USD) in digital currencies, including Bitcoin, Monacoin, and Bitcoin Cash. About 2.2 billion yen belonged to Tech Bureau; 4.5 billion belonged to its clients.

Now the firm reached an agreement with Fisco, which will invest 5 billion yen ($44.59 million USD) and receive majority ownership. Earnings will be used to replace funds taken from customers.

The hack highlights a problem of poor security in cryptocurrency exchanges. Indeed, cryptocurrency exchanges throughout Japan have come under scrutiny after Coincheck suffered a $530 million theft of digital currencies back in January. It reports many exchanges are left vulnerable due to poor management and lack of security for client funds.

Read more details here.

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