Zaif Hacking Theft - Revision history

Azoundria at 19:52, 10 May 2024

2024-05-10T19:52:53Z

← Older revision		Revision as of 13:52, 10 May 2024
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	$60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership", saving investors from having to lose all their funds.		$60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership", saving investors from having to lose all their funds.

	This exchange or platform is based in Japan, or the incident targeted people primarily in Japan.<ref name="coindesk-56" /><ref name="kylegibson-86" /><ref name="ciphertrace-90" /><ref name="cryptopotato-161" /><ref name="blockexplorer-162" /><ref name="bitcoinexchangeguide-218" /><ref name="cryptobriefing-815" /><ref name="slowmisthacked-1160" />		This exchange or platform is based in Japan, or the incident targeted people primarily in Japan.<ref name="coindesk-56" /><ref name="kylegibson-86" /><ref name="ciphertrace-90" /><ref name="cryptopotato-161" /><ref name="blockexplorer-162" /><ref name="bitcoinexchangeguide-218" /><ref name="cryptobriefing-815" /><ref name="slowmisthacked-1160" /><ref name="carnegieendowment-9983" />

	== About Zaif ==		== About Zaif ==
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	<ref name="cryptobriefing-815">[https://cryptobriefing.com/japanese-crypto-exchange-sues-binance-role-63-million-bitcoin-hack/ Japanese Crypto Exchange Sues Binance for Role in $63 Million Bitcoin Hack \| Crypto Briefing] (May 23, 2021)</ref>		<ref name="cryptobriefing-815">[https://cryptobriefing.com/japanese-crypto-exchange-sues-binance-role-63-million-bitcoin-hack/ Japanese Crypto Exchange Sues Binance for Role in $63 Million Bitcoin Hack \| Crypto Briefing] (May 23, 2021)</ref>

	<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref></references>		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref>

			<ref name="carnegieendowment-9983">[https://carnegieendowment.org/specialprojects/protectingfinancialstability/timeline Timeline of Cyber Incidents Involving Financial Institutions - Carnegie Endowment for International Peace] (Dec 12, 2022)</ref></references>

Azoundria at 18:54, 1 May 2023

2023-05-01T18:54:01Z

← Older revision		Revision as of 12:54, 1 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/zaifhackingtheft.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/zaifhackingtheft.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	$60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership", saving investors from having to lose all their funds.		$60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership", saving investors from having to lose all their funds.

	This exchange or platform is based in Japan, or the incident targeted people primarily in Japan.		This exchange or platform is based in Japan, or the incident targeted people primarily in Japan.<ref name="coindesk-56" /><ref name="kylegibson-86" /><ref name="ciphertrace-90" /><ref name="cryptopotato-161" /><ref name="blockexplorer-162" /><ref name="bitcoinexchangeguide-218" /><ref name="cryptobriefing-815" /><ref name="slowmisthacked-1160" />
	<ref name="coindesk-56" /><ref name="kylegibson-86" /><ref name="ciphertrace-90" /><ref name="cryptopotato-161" /><ref name="blockexplorer-162" /><ref name="bitcoinexchangeguide-218" /><ref name="cryptobriefing-815" /><ref name="slowmisthacked-1160" />

	== About Zaif ==		== About Zaif ==
Line 45:		Line 44:
	!Description		!Description
	\|-		\|-
	\|September 1st, 2018 12:01:06 AM		\|September 1st, 2018 12:01:06 AM MDT
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 53:		Line 52:
	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
Line 72:		Line 74:
	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			Coming soon.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Coming soon.~~

	== References ==		== References ==
	<references><ref name="coindesk-56">[https://www.coindesk.com/crypto-exchange-zaif-hacked-in-60-million-6000-bitcoin-theft Crypto Exchange Zaif Hacked In $60 Million Bitcoin Theft - CoinDesk] (Feb 6, 2020)</ref>		<references><ref name="coindesk-56">[https://www.coindesk.com/crypto-exchange-zaif-hacked-in-60-million-6000-bitcoin-theft Crypto Exchange Zaif Hacked In $60 Million Bitcoin Theft - CoinDesk] (Feb 7, 2020)</ref>

	<ref name="kylegibson-86">[https://medium.com/@kylegibson/100-crypto-thefts-a-timeline-of-hacks-glitches-exit-scams-and-other-lost-cryptocurrency-873c87fd5522 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents] (Jan 25, 2020)</ref>		<ref name="kylegibson-86">[https://medium.com/@kylegibson/100-crypto-thefts-a-timeline-of-hacks-glitches-exit-scams-and-other-lost-cryptocurrency-873c87fd5522 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents] (Jan 25, 2020)</ref>

	<ref name="ciphertrace-90">[https://ciphertrace.com/q3-2018-cryptocurrency-anti-money-laundering-report/ Q3 2018 Cryptocurrency Anti-Money Laundering Report - CipherTrace] (Feb 14, 2020)</ref>		<ref name="ciphertrace-90">[https://ciphertrace.com/q3-2018-cryptocurrency-anti-money-laundering-report/ Q3 2018 Cryptocurrency Anti-Money Laundering Report - CipherTrace] (Feb 15, 2020)</ref>

	<ref name="cryptopotato-161">[https://cryptopotato.com/lessons-learned-from-the-biggest-crypto-hacks-in-history/ Lessons Learned from the Biggest Crypto Hacks in History] (Feb 25, 2020)</ref>		<ref name="cryptopotato-161">[https://cryptopotato.com/lessons-learned-from-the-biggest-crypto-hacks-in-history/ Lessons Learned from the Biggest Crypto Hacks in History] (Feb 26, 2020)</ref>

	<ref name="blockexplorer-162">[https://blockexplorer.com/news/biggest-cryptocurrency-hacks-2018/ The Biggest Cryptocurrency Hacks of 2018 (A Year in Which $1 Billion Crypto Was Stolen)] (Feb 25, 2020)</ref>		<ref name="blockexplorer-162">[https://blockexplorer.com/news/biggest-cryptocurrency-hacks-2018/ The Biggest Cryptocurrency Hacks of 2018 (A Year in Which $1 Billion Crypto Was Stolen)] (Feb 26, 2020)</ref>

	<ref name="bitcoinexchangeguide-218">[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 5, 2020)</ref>		<ref name="bitcoinexchangeguide-218">[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 5, 2020)</ref>

	<ref name="cryptobriefing-815">[https://cryptobriefing.com/japanese-crypto-exchange-sues-binance-role-63-million-bitcoin-hack/ Japanese Crypto Exchange Sues Binance for Role in $63 Million Bitcoin Hack \| Crypto Briefing] (May 22, 2021)</ref>		<ref name="cryptobriefing-815">[https://cryptobriefing.com/japanese-crypto-exchange-sues-binance-role-63-million-bitcoin-hack/ Japanese Crypto Exchange Sues Binance for Role in $63 Million Bitcoin Hack \| Crypto Briefing] (May 23, 2021)</ref>

	<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref></references>		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref></references>

Azoundria at 05:56, 17 February 2023

2023-02-17T05:56:19Z

← Older revision		Revision as of 23:56, 16 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/zaifhackingtheft.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/zaifhackingtheft.php}}
			{{Unattributed Citations}}

	$60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership", saving investors from having to lose all their funds.		$60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership", saving investors from having to lose all their funds.

	This exchange or platform is based in Japan, or the incident targeted people primarily in Japan.		This exchange or platform is based in Japan, or the incident targeted people primarily in Japan.
			<ref name="coindesk-56" /><ref name="kylegibson-86" /><ref name="ciphertrace-90" /><ref name="cryptopotato-161" /><ref name="blockexplorer-162" /><ref name="bitcoinexchangeguide-218" /><ref name="cryptobriefing-815" /><ref name="slowmisthacked-1160" />

	== About Zaif ==		== About Zaif ==
Line 23:		Line 25:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 45:		Line 46:
	\|-		\|-
	\|September 1st, 2018 12:01:06 AM		\|September 1st, 2018 12:01:06 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
Line 58:		Line 55:

	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $60,000,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Line 69:		Line 66:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 80:		Line 77:

	== References ==		== References ==
	[https://www.coindesk.com/crypto-exchange-zaif-hacked-in-60-million-6000-bitcoin-theft Crypto Exchange Zaif Hacked In $60 Million Bitcoin Theft - CoinDesk] (Feb 6)		<references><ref name="coindesk-56">[https://www.coindesk.com/crypto-exchange-zaif-hacked-in-60-million-6000-bitcoin-theft Crypto Exchange Zaif Hacked In $60 Million Bitcoin Theft - CoinDesk] (Feb 6, 2020)</ref>

	[https://medium.com/@kylegibson/100-crypto-thefts-a-timeline-of-hacks-glitches-exit-scams-and-other-lost-cryptocurrency-873c87fd5522 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents] (Jan 24)		<ref name="kylegibson-86">[https://medium.com/@kylegibson/100-crypto-thefts-a-timeline-of-hacks-glitches-exit-scams-and-other-lost-cryptocurrency-873c87fd5522 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents] (Jan 25, 2020)</ref>

	[https://ciphertrace.com/q3-2018-cryptocurrency-anti-money-laundering-report/ Q3 2018 Cryptocurrency Anti-Money Laundering Report - CipherTrace] (Feb 14)		<ref name="ciphertrace-90">[https://ciphertrace.com/q3-2018-cryptocurrency-anti-money-laundering-report/ Q3 2018 Cryptocurrency Anti-Money Laundering Report - CipherTrace] (Feb 14, 2020)</ref>

	[https://cryptopotato.com/lessons-learned-from-the-biggest-crypto-hacks-in-history/ Lessons Learned from the Biggest Crypto Hacks in History] (Feb 25)		<ref name="cryptopotato-161">[https://cryptopotato.com/lessons-learned-from-the-biggest-crypto-hacks-in-history/ Lessons Learned from the Biggest Crypto Hacks in History] (Feb 25, 2020)</ref>

	[https://blockexplorer.com/news/biggest-cryptocurrency-hacks-2018/ The Biggest Cryptocurrency Hacks of 2018 (A Year in Which $1 Billion Crypto Was Stolen)] (Feb 25)		<ref name="blockexplorer-162">[https://blockexplorer.com/news/biggest-cryptocurrency-hacks-2018/ The Biggest Cryptocurrency Hacks of 2018 (A Year in Which $1 Billion Crypto Was Stolen)] (Feb 25, 2020)</ref>

	[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 4)		<ref name="bitcoinexchangeguide-218">[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 5, 2020)</ref>

	[https://cryptobriefing.com/japanese-crypto-exchange-sues-binance-role-63-million-bitcoin-hack/ Japanese Crypto Exchange Sues Binance for Role in $63 Million Bitcoin Hack \| Crypto Briefing] (May 22)		<ref name="cryptobriefing-815">[https://cryptobriefing.com/japanese-crypto-exchange-sues-binance-role-63-million-bitcoin-hack/ Japanese Crypto Exchange Sues Binance for Role in $63 Million Bitcoin Hack \| Crypto Briefing] (May 22, 2021)</ref>

	[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/zaifhackingtheft.php}} $60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership", saving investors from having to lose..."

2023-01-24T21:31:48Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/zaifhackingtheft.php}} $60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership", saving investors from having to lose..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/zaifhackingtheft.php}}

$60 million in bitcoin, bitcoin cash, and MonaCoin were taken from the hot wallets of the Zaif exchange in Japan. These funds were obviously not stored securely, or insured. The company ultimately "reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership", saving investors from having to lose all their funds.

This exchange or platform is based in Japan, or the incident targeted people primarily in Japan.

== About Zaif ==
"The licensed exchange, called Zaif, is operated by the Tech Bureau. It said on Thursday that the exchange first noticed an unusual outflow of funds on the platform around 17:00 Japan time on September 14, after which the company suspended asset deposit and withdrawal services. Tech Bureau explained that after further investigation, it discovered that hackers with unauthorized access to the exchange’s hot wallets had stolen roughly $60 million in bitcoin, bitcoin cash, and MonaCoin. That being said, the exact amount of bitcoin cash stolen remains unknown." “Zaif added that they were planning to restart the server along with a security update and that they had notified the authorities about the case.”

This exchange or platform is based in Japan, or the incident targeted people primarily in Japan.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Zaif Hacking Theft
!Date
!Event
!Description
|-
|September 1st, 2018 12:01:06 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Coming soon.

== References ==
[https://www.coindesk.com/crypto-exchange-zaif-hacked-in-60-million-6000-bitcoin-theft Crypto Exchange Zaif Hacked In $60 Million Bitcoin Theft - CoinDesk] (Feb 6)

[https://medium.com/@kylegibson/100-crypto-thefts-a-timeline-of-hacks-glitches-exit-scams-and-other-lost-cryptocurrency-873c87fd5522 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents] (Jan 24)

[https://ciphertrace.com/q3-2018-cryptocurrency-anti-money-laundering-report/ Q3 2018 Cryptocurrency Anti-Money Laundering Report - CipherTrace] (Feb 14)

[https://cryptopotato.com/lessons-learned-from-the-biggest-crypto-hacks-in-history/ Lessons Learned from the Biggest Crypto Hacks in History] (Feb 25)

[https://blockexplorer.com/news/biggest-cryptocurrency-hacks-2018/ The Biggest Cryptocurrency Hacks of 2018 (A Year in Which $1 Billion Crypto Was Stolen)] (Feb 25)

[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 4)

[https://cryptobriefing.com/japanese-crypto-exchange-sues-binance-role-63-million-bitcoin-hack/ Japanese Crypto Exchange Sues Binance for Role in $63 Million Bitcoin Hack | Crypto Briefing] (May 22)

[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)