News Japanese Cybersecurity Team Investigating Zaif Crypto Exchange Hack

Japanese Cybersecurity Team Investigating Zaif Crypto Exchange Hack

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A group of cybersecurity experts has uncovered information that could lead to the attack source.

The Japan Digital Design Co. announced on Monday, November 5, that its cybersecurity experts have been monitoring the outflow of funds from Japanese cryptocurrency exchange Zaif since after the exchange was hacked on September 14. Working together with cybersecurity team TokyoWesterns and security expert Takayuki Sugiura, the digital design company has been able to “estimate the source” of five offending transactions. The investigators were able to home in on the potential attacker (or attackers) after stolen Monacoin started moving on October 20.

The company went on to note that the investigation has involved analyzing the remittance route of the stolen funds, as well as determining the ability to “obtain clues” about the hack, such as the source’s IP address. It also said it has obtained helpful data regarding the accuracy of its information and the costs associated with monitoring the exchange’s transactions.

Zaif reportedly lost 6.7 billion yen (or about $60 million as of press) from the hack. The exchange stated that it would work with Fisco Digital Asset Group to determine a strategy to reimburse affected customers and help safeguard crypto investors from attacks in the future. Further, Fisco agreed to provide Zaif with significant financial support in exchange for a capital alliance allowing Fisco to acquire the majority of Zaif’s stock.

Japan has experienced a deluge of cybertheft this year. According to a September report from national Japanese newspaper Asahi Shimbun, within the first six months of 2018, over 60 billion yen (about $535 million) in cryptocurrency was stolen from the island country.

Daniel Putney is a full-time writer for ETHNews. He received his bachelor’s degree in English writing from the University of Nevada, Reno, where he also studied journalism and queer theory. In his free time, he writes poetry, plays the piano, and fangirls over fictional characters. He lives with his partner, three dogs, and two cats in the middle of nowhere, Nevada.

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