How did this happen, and why did you delay letting people know?

That’s what Japan’s Financial Services Agency is asking the Zaif cryptocurrency exchange and its operator, Tech Bureau, after thieves hacked into the exchange to steal seven billion yen, or $61.99 million, worth of bitcoin (BTC) and other cryptocurrencies.

Reuters reported Japan’s financial regulator issued a business improvement order to the Osaka-based firm, ordering it to provide details of how the theft occurred and how it would compensate clients. It was the third business improvement order served on the firm, according to Reuters.

Tech Bureau, which would not comment to the news service, had said the exchange was hacked over a two-hour period on Sept. 14. It detected server problems on Sept. 17, confirmed the hack the following day and then notified authorities.

But the authorities “have not received enough explanation on what exactly happened,” an unnamed FSA official said at a news conference. “What they told us is an employee’s PC was hacked.” Read more here.

ThirtyK Staff
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