Cryptocurrency exchange claimed it was 'practically impossible' to hack. It was hacked.

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 bitcoin, bitcoin 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.  Read more...

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