$60M Stolen From Zaif Exchange

As a result of the attack, which occurred as early as September 14, 4.5 billion yen owned by its users were stolen from the hot wallets of the exchang
20 September 2018   539

Hackers were able to steal almost $ 60 million in cryptocurrencies from the Japanese crypto-exchange Zaif, Cointelegraph reports.

As a result of the attack, which occurred as early as September 14, 4.5 billion yen owned by its users were stolen from the hot wallets of the exchange, as well as 2.2 billion yen, which was the company's assets. Thus, the total loss of Zaif amounted to 6.7 billion yen or about $ 59.7 million.

Tech Bureau Inc, which is the operator of Zaif, in a press release says that it found a server error on September 17, after which the input / output of funds on the exchange was suspended. September 18, the company realized that the error was caused by a hacker attack, and reported the incident to the Financial Services Agency of Japan. Hackers stole 5,966 bitcoins, as well as assets in Bitcoin Cash and MonaCoin.

According to Tech Bureau Inc, Fisco Digital Asset Group will help to partially compensate for the damage caused to users by providing 5 billion yen ($ 44.5 million). Tech Bureau agreed with Fisco to dismiss more than half of its directors and corporate auditors, and Fisco in turn will become its main shareholder.

Earlier this year, Zaif already recognized the existence of a "system malfunction", using which, the clients of the exchange were temporarily able to credit trillions of dollars in their accounts with bitcoins.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   96

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.