Cryptocurrency exchange that claimed it was ‘practically impossible’ to hack, got hacked

In this blog, we curate relevant and remarkable content related to blockchain, cryptocurrency and the digital economy. This timely piece by JACK MORSE published on Masahable reports that, “the Japan-based cryptocurrency exchange Zaif suffered a major hack.” Read on.

“I guess we shouldn’t be all that surprised. But still, they did say it would be practically impossible.

The Japan-based cryptocurrency exchange Zaif suffered a major hack last week. It issued a statement on Thursday stating that approximately $59 million worth of bitcoinbitcoin cash, and MONAcoin had been stolen by unidentified criminals. This, obviously, is not good. What makes it perhaps worse is the company’s past insistence that it applied the “maximum effort” possible to keep its customers’ funds safe — and that hacking it would be “practically impossible.”

Like many exchanges, Zaif has a page on its website where it details the precautions taken to secure customer funds. With tens (or potentially hundreds) of millions of dollars worth of cryptocurrency at stake, it makes sense to let everyone know that you’re taking this security stuff seriously.”

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The post Cryptocurrency exchange that claimed it was ‘practically impossible’ to hack, got hacked appeared first on Digital Economy Journal.

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