Here a hack, there a hack, everywhere a hack hack.
The Zaif Exchange Hack: What Happened
Last month a story broke that Zaif had been attacked by hackers who made off with ¥6.7 billion ($60 million in USD) in bitcoin, bitcoin cash and monacoin. Of that amount, approximately $40 million was taken from customer hot wallets.
The story broke on September 20th when the company publicly disclosed that their security had been breached. The actual theft however occurred six days earlier during a two-hour window of time on September 14th.
A False Sense of Security
What makes this hack even worse was Zaif’s insistence that their platform was safe and “practically impossible” to breach.
A story involving an “unsinkable” double-hulled ship comes to mind.
It will be practically impossible to find out where it all went, and it is unlikely that the victims will receive any justice in this case. But at least they’ll be compensated for their losses, right?
Well, that’s the hope anyway.
Tech Bureau Corp is reaching an agreement with Fisco Digital Asset Group, in which they they will receive $44.59 million in cash to compensate victims of the hack in exchange for giving Fisco a majority of their shares in Zaif. As of today, Tech Bureau has actually halted new Zaif registrations just so they can focus on tackling this problem.
Zaif had originally planned to have the compensation arranged by the end of September, but here were are, well into October, and details are still being worked out.
It’s bad enough to have your assets stolen, but if you are one of these unfortunate Zaif users, now you must wait even longer to be compensated for your losses.
It Doesn’t Have to be This Way
Doesn’t it make more sense to just avoid this whole mess?
With Faast, you can trade 100+ cryptocurrencies directly from your own hardware or software wallet — where no hacker can get their hands on them.
Just to the Faast website, sync your wallet and start swapping right away — no account or registration required. You can rebalance your portfolio with the push of a button and add many different assets with a single transaction. Faast is also one-stop shop for portfolio management. You can connect multiple wallets at once and generate graphs of your assets across all your wallets.