According to a report by Cointelegraph Japan, the major cryptocurrency exchange Zaif which is operating in Japan recently got hacked. The news is everywhere in the Bitcoin scams category – as hackers have reportedly stolen $59 million worth of cryptocurrencies from the Japanese cryptocurrency exchange.
According to one local report, a security breach that took place on September 14th led to hackers stealing 4.5 billion yen from users’ hot wallets as well as 2.2 billion yen from the assets of the company. The total losses are now amounting to 6.7 billion yen which is roughly $60 million USD.
The company who operated Zaif is named Tech Bureau Inc. According to one official press release, they said that the exchange detected a server error on September 17th, after which they suspended all of the deposits and withdrawals. Later on, the exchange realized that the error was actually a hack – and reported the incident to the Japanese financial regulator, the Financial Services Agency (FSA) of Japan.
The hackers stole 5,966 Bitcoin (BTC) as well as an additional number of Bitcoin Cash (BCH) and MonaCoin (MONA). As Tech Bureau Inc. reported, the firm Fisco Digital Asset Group will help Zaif to cover the lost customer assets by providing 5 billion yen ($44.5 million) and by becoming a majority shareholder in the company.
Meanwhile, Zaif is the 101st largest cryptocurrency exchange in terms of trade volume.
Criminals Are Threatening Business Owners In Amsterdam Demanding 50,000 Euros Worth Of Bitcoin
“You probably noticed how many entrepreneurs have had to close their doors recently by order of the municipality. To prevent you from being the next one, you must immediately take action.’’In order to pay the extortion fee, the business owners are instructed to open a new account on two crypto exchanges and them being Coinbase and Coinmama. Next up they have to buy bitcoins on either one of the exchanges and then transfer them to a required address. At least three coffee shops have already received a threat like this in Amsterdam and also a few nightclubs. The criminals even said that the extortion fee will be doubled if the owners don’t make the payment in five days. The email recipients must keep the threat confidential and they are warned for informing the police or any other law enforcement body. If they don’t maintain the confidentiality, the extortion fee will reach a stunning 200,000 euros. However, there is no single business registered to have paid the said amount.
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Venture Capital Firm Owner Announced That He Will No Longer Invest In Crypto Projects
“From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”There might be a few reasons why Li decided to move away from the crypto sector mostly because of the crackdown on ICOs by the Chinese government and also because of the rise in scams in the crypto space. A Chinese national TV released a documentary about the technology claiming that blockchain has the potential to surpass the success of the Internet. However, just after the release of the documentary, the government of China tightened the ban saying that ICOs are considered as illegal fundraising tools. The government stated:
“Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, pyramid schemes and fraud. The main features are as follows:
Risk of illegal activities, unregulated overseas markets and inability to track or monitor transactions made in ICOs.
Illegal operations like profit-generating pyramid schemes and creating Ponzi schemes by describing them as ‘financial innovations.’’
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