Hot Topics

Advertisement

Advertisement

6,000 Bitcoins Stolen From Japanese Exchange

 
6,000 Bitcoins Stolen From Japanese Exchange
Bitcoin / Breaking News / Exchanges
Cryptocurrency exchange Zaif announced on Thursday that a recent hack has resulted in the loss of 5,966 bitcoins (BTC) and a total of $60 million USD worth of bitcoins, Bitcoin Cash (BCH) and MonaCoin (MONA). However, the size of the theft could be larger since the total number of lost BCH is still unknown. The Japan-based licensed platform said the intrusion took place last week when operators noticed suspicious withdrawals at 5 pm local time. The unusual activities led to the immediate suspension of all transactions and subsequent criminal investigation. The hackers are still at large and local law enforcement have since looked into the matter. Zaif said its asset reserves are currently at $20 million. It recently received a $44.5 million investment from Japan-based Fisco to raise cash and Fisco now owns a majority of the exchange. This week, law enforcement in Europe issued a report on Wednesday aimed at cryptocurrency investors warning that scammers are on the prowl. Europol said that cyber criminals are increasingly targeting cryptocurrencies through sophisticated methods. See Cyber Criminals Are Finding Ways To Steal Cryptos The "Internet Organised Crime Threat Assessment 2018" (IOCTA) report stated that exchanges are also increasingly at risk of criminal abuse. "Money launderers have evolved to use cryptocurrencies in their operations and are increasingly facilitated by new developments such as decentralised exchanges which allow exchanges without any Know Your Customer requirements," according to IOCTA report. "It is likely that high-privacy cryptocurrencies will make the current mixing services and tumblers obsolete." There are other high-profile cases of stolen bitcoins. Last year, a 22-year-old investor in Thailand lost 5,500 bitcoins, per Bangkok Post report. Finnish businessman Aarni Otava Saarimaa was approached by scammers to invest in local stocks, a Macau casino and cryptocurrency Dragon Coin (DRG). After being convinced that the DRG tokens would work at casinos, Saarimaa transferred 5,564 bitcoins to the group, according to the report. A subsequent criminal investigation found that the scammers immediately exchanged the bitcoins into Thai baht worth $24 million USD and deposited the money into seven banks accounts. Fraudsters are also using advanced methods to steal crypto log-ins and passwords. Earlier this month, a Google Chrome extension for file-sharing service MEGA was hacked by cyber criminals who are looking to steal private keys and passwords. The hacked extension was able to monitor sensitive information through a javascript function on Google's browser. Last month, IT security firm Trend Micro said that hackers are selling Bitcoin ATM malware for $25,000 in the black market. "Corruption corrodes public trust, undermines the rule of law, and delegitimizes the state," says Mark van Rijmenam, author of "Blockchain: Transforming Your Business and Our World." He adds, "The challenge for regulators will be to harness the power of Blockchain to trace digital transactions and prevent fraud." Articles by Marvin Dumont: China’s ‘Bitcoin Girl’ Documentary Shows Challenges Of Bitcoin Use 65% Of Firms Prefer IBM Blockchain Over Microsoft, Others BMW To Test Blockchain And Smart Contracts To Simplify Car Buying Samsung Blockchain To Help Korea Gov’t Improve Services $1.7B Retailer Overstock To Sell Bitcoin And Cryptos $1 Trillion Boost In Trade Finance Via Blockchain: World Economic Forum

You can share this post!

Advertisement