Japan Hit By Another Cryptocurrency Heist – $60 Million Stolen

Japan being hit by another cryptocurrency heist with $60 million stolen.

Ilia Kolochenko, CEO and Founder at High-Tech Bridge:

“Unfortunately, even the harsh regulation of crypto markets is no silver bullet. Digital coins are extremely attractive for cybercriminals who can easy launder them and convert into spendable cash, even inspite of some losses due to “transactional commissions”. Most of these operations remain technically untraceable and undetectable, granting an absolute impunity to the attackers. Thus, cybercriminals will readily invest into additional efforts to break in, even if security is properly implemented and maintained.

Compliance does not necessarily mean security – major data breaches of PCI DSS certified merchants are not that unknown for example, likewise intrusions into organizations under even more rigorous regulatory and compliance requirements. Moreover, the vast majority of crypto-companies, including large crypto exchanges, are operating…