Japan’s Zaif Crypto Exchange Falls Prey To Hackers

Japan’s Zaif Crypto Exchange Falls Prey To Hackers
September 20, 2018

 

The cryptocurrency market continues to remain directionless. Both Bitcoin (BTC) and Ethereum (ETH) continue to stay above $6,200 and $200, respectively. However, we may see some sell off later today as there are reports of another big hacking incident in the Japanese exchange Zaif. Preliminary reports indicate that the exchange lost nearly $59 million worth of cryptocurrencies. The incident was initially perceived as a server error, but the company’s technical team later identified it as a hacking incident in which 5,966 Bitcoins, and some amount of Bitcoin Cash (BCH) and Mona coin (MONA) was also lost. Zaif exchange is the 101st largest exchange in terms of trading volume. Coincheck, another Japanese exchange, lost $530 million worth of NEM (XEM) crypto coins to hackers in January.

 

Government level initiatives

Tax authorities across the globe are vying to bring crypto investments under the tax ring, and Ukraine is not an exception. Ukraine’s Parliament, Verkhovna Rada, has tabled a bill that, once decreed into law, would make operations related to cryptocurrencies taxable. The tax bill, drafted by 23 government officials, suggests a 5% tax on both individuals and legal entities dealing with cryptocurrencies and tokens. Until now, cryptocurrencies have not been legally regulated in Britain.

 

Private sector initiatives

Two and four-wheelers are the largest contributors of carbon-di-oxide (CO2) emissions in the transport sector, exceeding that of boats, planes, and trains. CyClean wants to fight the problem by bringing together blockchain, cryptocurrency software, and electric-powered vehicles. The firm plans to offer these energy-efficient products on rent and reward the clients with cryptocurrency. Electric vehicles and products rented by CyClean are upgraded with a chip that links to the CyClean server, tracks the distance covered and rewards the users accordingly.

PNC, one of the top ten U.S. banks, is planning to use RippleNet to process cross-border payments for its customers. Per the Reuters report, the Treasury Management division of PNC will utilize Ripple’s blockchain solution, xCurrent, to quicken overseas transactions performed by U.S. commercial clients.Ripple asserts that xCurrent will enable PNC commercial clients to receive payments for their invoices instantaneously, creating a drastic change in the way working capital is managed.

 

Education & others

The Frankfurt School of Finance & Management (FS) in Germany is now offering students the facility to substantiate their credentials using blockchain technology. As part of blockchain technology course offered by FS, the graduates will be able to prove their successful completion with a certification stored on a blockchain itself. To trial the blockchain, FS has partnered with Consensys, a well-known software company in the blockchain sector. Consensys has built a decentralized app (DApp) for self-sovereign identities, wherein certificates are not necessarily presented on a blockchain, but only duplicated to the computers of several network participants.

 

Wesley Bricker, the chief accountant for the U.S. Securities and Exchange Commission (SEC), has stated that the arrival of cryptocurrencies and blockchain technology does not modify the “fundamental responsibility” of businesses when it comes to accurately keeping their account books in order. Bricker issued the statement while delivering a speech at the AICPA National Conference on Banks & Saving Institutions in Washington, D.C. Bricker began by emphasizing that accountants should keep themselves up-to-date of the latest technologies to make sure they can competently confirm the role as a sentinel for “issuer compliance related to financial reporting.”

 

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Janine

Janine

Janine is our editor for related stock market news. Andrew and Janine will be focusing on providing the latest trends and where the next hit could be


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