According to a report released by Japan Digital Design Co, a subsidiary of the Japanese banking giant MUFG, the company believes it has located the hackers behind an exchange attack. The hack took place in September of 2018 and impacted the Zaif exchange. The exchange, which was licensed by the Japanese regulatory agency, Financial Services Agency (FSA), suffered nearly $60 million in losses. Despite its regulatory approval by Japanese authorities, the exchange still was compromised by hackers. The report, while vague on exact details spoke of the importance of Monacoin, a small cap token, used to find the hackers. The team apparently used an analysis of the Monacoin network and its transactions to find clues about the hackers such as their IP address. According to Japan Digital Design Company, the cybersecurity professionals researching the attack, their team reported the suspicious transactions to authorities in hopes to find the originator.
Customers Awaiting Refunds
The clients which were impacted by this hack are still awaiting refunds to be processed by the Zaif exchange. While the regulatory agency in Japan has issued a business improvement order to Zaif, the licensed exchange hack has reflected poorly on the FSA. The regulatory agency also expressed regret over its approval of the exchange’s operations despite multiple warnings being issued to the Zaif exchange prior to the hack. The company behind the Zaif exchange is awaiting a deal to sell its stake in the Fisco Digital Asset Group which will be used to compensate customers impacted by the hack. This deal is expected to close on November 22nd. Hopefully, it will lead to the refund for customers who lost assets in the hack, as claimed by the owner of Zaif exchange. A Licensed Exchanged, Hacked