Japanese Cryptocurrency Exchange Hit with $60M Theft

The incident highlights a broader problem of poor security in cryptocurrency exchanges throughout the country.

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.

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