Topic: How the Recent $60 Million Crypto Hacking Attack Will Impact Japanese Market (Read 112 times)

How the Recent $60 Million Crypto Hacking Attack Will Impact Japanese Market
Zaif, a major crypto exchange in Japan, was hacked this week, losing nearly $60 million in user funds in a high profile security breach.

Local publications including Japan Times reported that 6.7 billion yen was stolen by an unknown group of hackers, 2.2 billion yen in corporate funds and 4.5 billion yen in user funds were lost during the breach.

Tech Bureau, the company behind Zaif, told its customers that all of the investors affected by the hacking attack will be reimbursed in cryptocurrencies. Due to the scale of the attack, Zaif reached a deal with Tokyo-based financial markets research firm Fisco, which has given the company 5 billion yen in return for majority stake in the exchange.

“The firm originally said about ¥6.7 billion was hacked, but the actual amount has yet to be confirmed as the server that was attacked has not been rebooted for security reasons,” Japan Times reported.

What Impact Will it Have on Japan?
In April of last year, the Japanese Financial Services Agency (FSA) implemented strict policies to oversee cryptocurrency exchanges. As a part of a larger initiative, FSA created a national licensing program, requiring crypto trading platforms to file a license to operate within the country.

Recently, the FSA stated that it has decided to expand its crypto team handle a large amount of applications which are expected to be filed by the end of 2018. 160 companies are currently planning to file licenses to operate as regulated digital asset exchanges in the country.
https://www.ccn.com/how-the-recent-60-million-crypto-hacking-attack-will-impact-japanese-market/