Japan’s Crypto Exchange Zaif loses $60 Million worth of Bitcoins to hackers

6.7 billion yen (about $60 million worth of cryptocurrency), including 5,966 bitcoins have been hacked from a Japan-based cryptocurrency exchange.

Tech Bureau, the operators of the licensed exchange known as Zaif, on Thursday said the exchange first noticed an unusual outflow of funds on the platform around 17:00 Japan time on September 14, after which the company suspended asset deposit and withdrawal services.

Tech Bureau noted that upon investigation, it discovered that roughly $60 million in bitcoin, bitcoin cash, and MonaCoin, had been stolen by hackers with unauthorized access to the exchange’s hot wallets. It further added that the exact amount of bitcoin cash stolen remains unknown.

The exchange added that since its own asset reserve is currently around 2.2 billion yen (or $20 million), it has reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership.

However, Tech Bureau has filed the incident as a criminal case to local authorities for further investigation, it added.

This is the second major hack in Japan this year alone. It will be recalled that Coincheck also reported that $520 million in NEM tokens were stolen by hackers in January.

However as a precaution, the Financial Services Agency (FSA), Japan’s financial watchdog has launched series of inspections on cryptocurrency exchanges in the country regarding their security measures; this is following Coinchecks hack.

The FSA also issued a business improvement order to Tech Bureau in March over its security and anti-money laundering enhancement.

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