{"id":85094,"date":"2018-09-22T04:00:03","date_gmt":"2018-09-22T11:00:03","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=85094"},"modified":"2026-04-16T16:02:57","modified_gmt":"2026-04-16T15:02:57","slug":"zaif-exchange-hack-in-japan-provokes-security-caution-from-nem","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/zaif-exchange-hack-in-japan-provokes-security-caution-from-nem\/","title":{"rendered":"Zaif Exchange Hack in Japan Provokes Security Caution From NEM"},"content":{"rendered":"

While the Japanese cryptocurrency exchange Zaif faces backlash following a Sept. 14 hack, the NEM.io Foundation, known for the NEM blockchain platform and XEM<\/a> token, has reassured its asset holders that it remains unaffected.<\/p>\n

Nem Suspends Zaif Withdrawals<\/h2>\n

During the hack, holdings in Bitcoin (BTC)<\/a>, Bitcoin Cash (BCH)<\/a>\u00a0and MonaCoin (MONA)<\/a> were subject to stolen funds. The security rupture resulted in a theft of 6.7 billion yen ($60 million USD), requiring the trading company to terminate its deposit and withdrawal platforms until a comprehensive investigation is performed.<\/p>\n

In a statement, the company said it is pursuing the hack as a criminal case in cooperation with the Financial Services Agency, investigation authorities and the communications software company Kaichi Corporation.<\/p>\n

Abnormalities within the server were detected Sept. 14 and confirmed the following day when a report was filed with the Treasury Department.<\/p>\n

Representatives for Zaif said:<\/p>\n

\u201cCurrently, we are checking and strengthening security, rebuilding the server, etc., in order to restart the system of depositing\/withdrawing virtual currency.\u00a0We are committed to restoration as soon as possible, so please wait for a while.\u00a0Moreover, I sincerely apologize for any inconveniences that may arise.\u201d<\/p><\/blockquote>\n

NEM Foundation spokesperson Alexandra Tinsman urged cryptocurrency companies within its community to operate only the proper security measures established, including \u201cmulti-factor\u201d authentication and hardware wallets. She added<\/a> that all withdrawals sought from Zaif have been suspended in light of the investigation.<\/p>\n

\n

BREAKING NEWS: Multi-signature technology ensures protection and integrity of $XEM<\/a>– and #NEM<\/a>-based holdings after #Zaif<\/a> exchange security incidenthttps:\/\/t.co\/pEQcmtzFKE<\/a><\/p>\n

— NEM (@NEMofficial) September 20, 2018<\/a><\/p><\/blockquote>\n