Cryptocurrency exchange Zaif lose $60 million and 5966 bitcoins in a recent hack

• On September 14, hackers gained unauthorized access on the server managing hot wallets.
• The hackers stole three different digital coins - Bitcoin, Bitcoin Cash and Monacoin.

Japan-based cryptocurrency exchange platform, Zaif, has lost $60 million in cryptocurrency hack including 5966 bitcoins last week. The worth of the stolen bitcoins is estimated to be at $37 million.

The company confirmed about the hack on September 20. In a press release, it stated that the hack took place on September 14 between 5 p.m and 7 p.m. The company was not aware of this until it detected server abnormality on September 17. Following this, Zaif was quick at taking action and immediately suspended user deposit and withdrawal services to prevent the hackers’ evil intentions.

Upon investigation, it was found that hackers gained unauthorized access to the server managing hot wallets and stole three different coins - Bitcoin, Bitcoin Cash and Monacoin. The investigation is still in progress and the company is yet to determine the exact amount of stolen Bitcoin Cash and MonaCoin.

Around 32 percent of the stolen amount i.e. $2.2 billion belonged to Zaif, while $4.5 billion

Was customer fund. The company has reported the damage to the Treasury Department and will soon be notifying the Financial Services Agency and the investigation authority.

In addition, Zaif is also working towards strengthening the security of its firm in order to restart the business. The firm has planned to secure a $44.5 million loan to pay back the customers affected by the hack.