Suspected Zaif Cryptocurrency Exchange Hackers Traced to Europe

September 20, 2018, Tech Bureau Corp, owners of Zaif cryptocurrency exchange, announced a security breach where cybercriminals pilfered 2.2 billion yen ($19.6 million) from the platform and 4.5 billion yen belonging to Zaif’s customers. It has recently come to light, that the could have originated in Europe. The Japanese investigators tasked with uncovering the hackers, have released that they have found German and French IP addresses trying to clean part of the stolen virtual coins from the Zaif caper.

Japanese banking giant, Mitsubishi UFJ Financial Group (MUFG), announced that their subsidiary, Japan Digital Design (JDD) cooperating with cybersecurity firms TokyoWestern and EL Plus, have tracked down the cybercriminals who stole the $60 million in the hack. According to JDD, with Monacoin’s small market cap of $75 million and a low volume of $2 million, it would be easier to follow than to attempt one of the Bitcoin or Bitcoin Cash blockchains. This lead to the investigation uncovering an attempt to send MonaCoin a different wallet.

JDD reports that the digital asset in question began moving on October 20th, where investigators subsequently flagged the IP addresses. The team was able to accumulate information on the hackers using a collection of cloud-hosted MONA nodes. Five transfers were flagged as suspicious all of them lead back to Europe, four from France and one was from a German IP address.

It was originally reported that the Zaif attack experienced a theft totalling $60 million, where $40 million belonged to the exchanges clients. The report did not disclose the amount of Monacoin lost, as well as the percentage held by Zaif’s users.

While the investigation may lead to the arrest and conviction of the hackers, this by no means will secure the funds for the victims in the heist. In an attempt to remedy the situation, Tech Bureau is moving forward to sell the platform to theTokyo-listed Fisco Digital Asset Group, who claims that they will compensate the victims.