Bitcoin Stolen

The Japanese controlled Exchange ‘Zaif’ justified about the recent case of security breach. The operator of exchange Zaif on wednesday (September, 19) disclosed that about 6000 bitcoins (BTC) has been stolen. Tech Bureau Inc. which runs Zaif made clear that the exchange identified ‘server irregularity’ on 17th September (Monday).

Almost 6000 BTC along with Bitcoin Cash (BCH) and Japanese digital currency Monacoin (MONA) were stolen from the exchange, all amount worth of about 6.7 billion yen or $60 million USD. The most damage has been done to customers. According to the company, out of this total damage $20 million USD belongs to the company and the rest of $40 million belongs to the customers. This is one of the biggest security breaches in cryptocurrency history.

Tech Bureau says that they have asked for help from a subsidiary of Fisco Ltd. They have asked them to give $45 million, so they can repay the affected customers. Furthermore, the company has started investigating this security breach. Tech Bureau has addressed the Treasury Department about this incident and have told them that this case is a corrupt (robbery) act and has asked them to investigate this issue. The company specified:

 “Regarding the circumstances and future prospects of this matter, please read our press release. We sincerely apologize for any inconvenience to our customers. We look forward to your continued support of the virtual currency exchange “Zaif”.

Impact of the Security Breach on Market..!

This a big news for investors and they have a lot to worry about. Blockchain is being called as the most secure thing in technology but such incidents have raised questions on the compatibility, scalability and security of blockchain technology. This is what Cardano (ADA) owner, Charles Hoskinson said few days ago that the creator of Bitcoin, Nakamoto created a decentralized database and a ledger which was insufficient. Know this insufficient technology has lead to such recent hacking incidents. Well other currencies are working on this factor, but such incidents will create FUD among the customers.

As this news is spreading around the globe the market will be affected. Currently, BTC is up with 1.19% in last 24 hours (at the time of writing) but it is expected to go down rapidly. As the bitcoin will go down it will affect the whole market, leading other altcoins to descend rapidly. But if this news doesn’t affect the market at all, then it will be a good sign for the investors to look at other top coins to invest in.

LEAVE A REPLY

Please enter your comment!
Please enter your name here