In this blog, we curate relevant and remarkable content related to blockchain, cryptocurrency and the digital economy. This timely piece by JACK MORSE published on Mashable reports that, “the Japan-based cryptocurrency exchange Zaif suffered a major hack.” Read on.

“I guess we shouldn’t be all that surprised. But still, they did say it would be practically impossible.

The Japan-based cryptocurrency exchange Zaif suffered a major hack last week. It issued a statement on Thursday stating that approximately $59 million worth of bitcoinbitcoin cash, and MONAcoin had been stolen by unidentified criminals. This, obviously, is not good. What makes it perhaps worse is the company’s past insistence that it applied the “maximum effort” possible to keep its customers’ funds safe — and that hacking it would be “practically impossible.”

Like many exchanges, Zaif has a page on its website where it details the precautions taken to secure customer funds. With tens (or potentially hundreds) of millions of dollars worth of cryptocurrency at stake, it makes sense to let everyone know that you’re taking this security stuff seriously.”

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For the longest time since paper money has been invented, traditionalists have always had a consistent definition of what a currency is. According to Investopedia, a currency is “a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade.”

 

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