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Friday, 23 August 01:20 (GMT -05:00)



Foreign exchange market

The Impossible Is Possible: Hackers Rob Zaif Crypto Exchange


The Japanese cryptocurrency exchange named Zaif, which claims to be super secure, has been attacked by hackers. They managed to steal quite a big amount of money. 
 
Previously, it was reported that Zaif had come up with a realy sophisticated and efficient security system preventing even the most serious hacker attacks. They claimed that Zaif is impossible to hack. So, this sounded like a major challenge for hackers. And they successfully hacked the exchange, therefor showing the world that the impossible is possible.
 
It is reported that the hackers stole Bitcoin, Bitcoin Cash and MONAcoin to the amount of 59 million dollars. it should be noted that this is not the first time the hackers attack a crypto-exchange. But this was the first attack on Zaif, which used to be seen as unhackable.
 
The exchange system gets blocked on multiple levels, which makes external access imposible, they claimed. At this point, it's still unclear whether Zaif is going to compensate the client financial losses.
 
It should be noted that crypto-exchanges are constantly attacked by hackers. These are a tender part for hackers since it's much more difficult to track the stolen cryptocurrency as opposed to tracking fiat money transactions. At the same time, international experts report that the amount of successful hacker attacks on crypto-exchanges has increased by 350%.
 
It's interesting to note that it took hackers a couple of hours to stela the money while the exchange's security staff found the vulnerability only a couple of days later. Even the firm hired to track the money failed to do so. The only thing that they managed to find out is that the hack attack was made through the PC owned by a Zaif employee.
 
The incident resonanted strongly and escalated all the way up to the Japanese government, which instantly suggested coming up with a set of measures to toughen the governmental control over the cryptocurrency industry. 

 

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