Bitcoin (BTC) and Other Digital Currencies Hacked in Japan to the Tune of $60,000,000

Bitcoin (BTC) and Other Digital Currencies Hacked in Japan to the Tune of $60,000,000

Bitcoin (BTC) and Other Digital Currencies Hacked in Japan to the Tune of $60,000,000

  • Bitcoin can be used for payment at 50,000 stores in Tokyo alone

$BTCUSD

Bitcoin (BTC) and other digital currency worth around Japanese Yen 6.7-B (or US$60-M) has been stolen in Japan following a hacking attack, a virtual exchange operator said Thursday.

Osaka-based Tech Bureau, which operates virtual currency exchange Zaif, said its server had been illegally accessed and money transferred out.

“We decline to comment on the details of how this illegal access occurred, as it is a crime and we’ve already asked the authorities to investigate,” Tech Bureau said in a statement.

It added that the virtual currencies stolen were Bitcoin, Bitcoin Cash and Monacoin.

“We will prepare measures so that customers’ assets will not be affected” by the hack, it said, adding it would receive financial support from major shareholder, the Fisco Group.

The current management team is going to step down after returning the lost assets to customers, Tech Bureau said.

Thursday, Japan’s financial services agency began on-site inspections into the company, according to financial media reported.

Japan is a major center for digital currencies and as many as 50,000 shops in Tokyo alone are estimated to accept Bitcoin.

Earlier this year, Japan-based exchange Coincheck suspended deposits and withdrawal for virtual currencies after it had been hacked, resulting in a loss worth $500,000,000 of NEM, the 10th biggest cryptocurrency by market capitalization.

Japanese authorities later ordered 2 cryptocurrency exchanges to suspend operations as part of a clampdown following the hack and pending the outcome of the investigation.

Bitcoin has taken a Bullish turn over the last 24 hours, as sharp gains are also seen across a number of alternative cryptocurrencies aka altcoins.

It is worth noting that most alternative cryptocurrencies are traded against majors like BTC and ethereum’s ETH token. So, money tends to flow into altcoins via BTC, creating upside pressure on the leading cryptocurrency.

As a result, BTC could be in for further gains if the altcoin rally keeps attracting investors to the market

Currently, Bitcoin is trading at 6,691.05, -71.01, or -1.0501% as of 12:01p BST, the market is open

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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