The Latest Cryptocurrency Exchange Hack Is a $60 Million Theft at Japan’s Zaif

Over the years I have told people repeatedly to get their cryptocurrencies out of these exchanges but some still refuse to heed the advice from those of us who have been involved in cryptocurrencies for awhile.

Source: Fortune

By Bloomberg • September 20, 2018

Hackers stole $60 million of digital coins from a Japanese exchange, the latest in a string of thefts that have kept many institutional investors wary of putting their money in cryptocurrencies.

The theft of Bitcoin, Monacoin and Bitcoin Cash from Zaif, an exchange owned by Osaka-based Tech Bureau Corp., occurred last week and was disclosed by Tech Bureau in a statement on Thursday. About 2.2 billion yen ($19.6 million) of stolen coins belonged to the exchange and the rest was client money.

Virtual currency exchanges have suffered at least five major hacks this year, one reason why professional money managers have largely steered clear of the market even as individual investors piled in.

Japan, home to some of the world’s most active digital-asset exchanges, has also hosted two of history’s biggest known crypto hacks — the Mt. Gox debacle of 2014 and the theft of nearly $500 million in digital tokens from Coincheck in January.

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