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Japanese startup loses US$59mil in crypto hack


TOKYO: Japanese startup Tech Bureau Corp said on Thursday its cryptocurrency exchange Zaif had been hacked, with losses of Bitcoin and two other digital currencies estimated at about 6.7 billion yen ($59.67 million).

Following the hack, Tech Bureau said it had agreed with JASDAQ-listed Fisco Ltd to receive a 5 billion yen investment in exchange for majority ownership.

The start-up said in a statement its exchange had been hacked into over a two-hour period on Sept. 14. It detected server problems on Sept. 17, confirmed the hack the following day, and notified authorities, the firm said.

The incident follows the high-profile theft of $530 million earlier this year at Tokyo-based cryptocurrency exchange Coincheck Inc in one of the world's biggest cyber heists that forced regulators to order stepped-up risk management protocols. Coincheck has since been taken over by Japanese online brokerage Monex Group Inc.

Tech Bureau said about 2.2 billion yen worth of the stolen currency was its own, and about 4.5 billion yen belonged to customers. - Reuters

Cryptocurrency

   

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