Another Crypto-Exchange Breach – A Scam or a Hack?

Another crypto exchange company was hacked in Japan! What? How is that even possible? We wonder the same. However, these antics are familiar in Japan. I guess that’s why, we shouldn’t be surprised at all. It’s just something that happens, only in Japan. Maybe they are on the radars of the hackers? Who knows!

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What the Hell Happened Anyway?say what breaking bad GIF

Well, the Japan based cryoto-exchnage “Zaif” suffered a mega hack in September, 2018. The statement released stated that approximately $59 million worth of Bitcoin Cash, Bitcoin and MONAcoin were stolen by the criminals. That’s a lot of money! It’s obviously not good at all!

There is a Twist in Every Story

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What makes everything so worse is that the company insists that it put in its maximum effort to keep the funds of its customers safe. Doesn’t it sound a bit dubious? They also stated that hacking was practically impossible. If it was impossible then we wonder how it all happened in the first place?

There is a Fishy Trail

tom and jerry fish GIFWell guess what? On the website of Zaif there are details about the precautions taken by them to ensure constant protection of the funds of their customers. We swear it’s all very funny now! Sure, when thousands of millions of dollars’ worth of crypto is at stake, it completely makes sense to let everyone know that you’re taking the security “stuff” seriously.

The web page has all the fancy tech words! It has also laid out six points that ensures maximum safety and security. Under the third point, it’s stated that “reinforcement of the system infrastructure robustness.” Oh, how they have desperately tried to ensure its customers!  According to the company statement about the details of the hack; it turns out that some of the deposits and the withdrawal hot wallets were hacked by unauthorized access from the outside, part of the virtual currency managed by the company was illegally discharged to the outside. Hmm. What an interesting turn of events no?

The crypto that was stolen is said were in the “hot wallets.” A hot wallet is something that is connected online and it enables its customers to transfer or withdraw funds immediately. Do you think this is possible or is it just another scam? We have very conflicting opinions on this debacle.

The Long Line of Breached Exchanges

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The thing is, Zaif is just another debacle in the long list of breached exchanges. Guess what? In January 2018, another one of the Japan based exchanges Coincheck was hacked for approximately 500 million NEM. Yeap! That happened. At that time it was roughly worth $424 million. Can you imagine that? It’s like it’s not practically impossible for the criminals to hack the exchange at all! We think these scams are a little too much to handle!

What do you think these unfortunate incidents do for the crypto-world? We would like to know if you think Zaif is lying about the breach and it’s just huge lying scam? Comment below and let us know your thoughts!



Maira Zaheer

I love to write and channel my feelings into words. I'd like to quote my favorite author and poet. Who has taught me every word matters. “let me live, love, and say it well in good sentences” - Sylvia Plath. I'm here to fill your lives with some crypto-gossip. Contact the editor at editor.unfiltered@blockpublisher.com

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