Slashdot Mirror
Zaif Cryptocurrency Exchange Suffers $60 Million Hack (zdnet.com)
Hackers were able to steal $60 million worth of company and user funds belonging to the Zaif Japanese cryptocurrency exchange. The breach occurred last week, but the company discovered the hack on Monday, September 17. An anonymous reader shares the report from ZDNet: Investigators are still gathering details, but Zaif said the hack took place on September 14, between 17:00 and 19:00 local time, when the attacker siphoned off three types of cryptocurrencies from the company's "hot wallets." [A "hot wallet" is a term used to describe a cryptocurrency addresses with light security measures where a cryptocurrency exchange keeps funds for immediate transactions, such as cryptocurrency-to-cryptocurrency or cryptocurrency-to-fiat (and vice versa) operations.] Zaif says the hacker stole Bitcoin, Bitcoin Cash, and MonaCoin from its hot wallet, all three worth 6.7 billion Japanese yen (roughly $59.67 million) when combined. Of the 6.7 billion stolen yen, 2.2 billion yen -- 32 percent -- were Zaif funds, while 4.5 billion yen were customer funds. Zaif plans to secure a 5 billion yen loan to pay back affected customers.
Assuming they can convert it into real money -- Dollars, Euro, Yen. What are you going to do with $60 million of crypto currency if you can't transfer it to something you can really spend?
Turning crypto to real is where the danger is -- no anonymity when you show up at the bank.
Learning HOW to think is more important than learning WHAT to think.