Security Breach: Japanese Cryptocurrency firm Tech Bureau Corp Hacked

Security Breach: Japanese Cryptocurrency firm Tech Bureau Corp Hacked
The Siliconreview
22 September, 2018

A Japanese cryptocurrency firm, Tech Bureau Corp was hacked last week. According to the company, hackers stole around $62M worth of digital currencies. Once the server is restored, the actual amount of the hacking will be known and it could be more than $ 62M.

The hacking incident occurred after 7 months since Coincheck Inc., a Tokyo-based cryptocurrency exchange was hacked in January, where the company lost $ 530M. Despite a tight security across the cryptocurrency industry, the hackers manage to crack the code again.

According to Tech Bureau Corp, the hackers stole an estimated amount of 6.7 billion yen ($59.48 million).

According to a press release issued on Friday, the stolen assets are 5,966.1 Bitcoin, 6,236,810.1 Monaco and 42,327.1 Bitcoin Cash. As of September 18, 7 billion yen ($62.10 million) is the value of per coin at their closing price.

 As per the company’s statement, the company cannot reveal the detail of the hacking and the incident is reported as a crime by the investigation authorities. It will be interesting to see if the company can recover the lost assets and find the perpetrators through further investigation. 

According to industry watchers, the incident will affect the Japanese regulator Financial Services Agency. Their ongoing view is on how to strike a balance between safeguarding users and nurturing technological innovation.