Cybersecurity experts close to identifying Zaif hackers

Cybersecurity experts at Japan Digital Design, a subsidiary of Mitsubishi UFJ Financial Group, say they have discovered new evidence about the offenders behind the $60m hack of the Japanese crypto exchange Zaif, according to a press release issued on November 5th.

Working alongside cyber security experts at TokyoWesterns, the digital design company has been able to identify the source of the hackers after stolen Monacoin started moving on October 20th.

The company went onto note that the investigation involved observing the “remittance route through a static analysis of the blockchain” and  obtaining clues such as “source IP address.”

The company added that they will work alongside Fisco Digital Asset Group, to establish the most effective way to reimburse customers that were affected by the hacking and protect investors from any potential attacks in the future.

Immediately after the hacking occurred in late September, Fisco agreed to provide Zaif with significant financial support, but in exchange for their help, Zaif would need to sell a majority of their stock.

The two companies now expect to conclude the deal by November 22nd. Once the terms of the deal are finalised, Fisco will be in charge of executing a plan to compensate users who lost funds during the hack.

According to a September report from national Japanese newspaper Asahi Shimbun, Japan lost 60b yen ($535m/£409m) in virtual currencies during the first six months of 2018.

The theft has forced local authorities to try and enforce harsher regulations in the cryptocurrency market. All cryptocurrency exchanges now need to have a licence if they want to abide by the new regulations and safeguard user’s funds from any potential attacks.

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