Home Cyber Security News $10 Million in Assets Lost After Japanese Syndicates Wallet Was Hacked

$10 Million in Assets Lost After Japanese Syndicates Wallet Was Hacked

by Abeerah Hashim
Shopin Japanese syndicate wallet hacked

The trail of crypto hacks appears endless. However, we now see a shift of hacking attempts from ICOs to the things related to the blockchain. Shopin, the first decentralized shoppers profile providing a personalized online shopping experience, advised about a token wallet hack in a press release. Officials stated that $10 million USD of various tokens were lost after a Japanese syndicate wallet was hacked.

Shopin works using blockchain and artificial intelligence to offer personalized shopping to their customers on various apps, websites and online stores of retailers, based on the shopper’s preferences and buying history.

$10 Million in Assets Lost After Syndicate Wallet Hack

Gretchen Hyman, media contact for Shopin, provided details about the incident in the press release. The information reveals that the hacking incident supposedly took place on June 1, 2018, where the target was a Japanese syndicate wallet. This syndicate wallet crowded participants for the Token Generation Event by Shopin. It used a MyEtherWallet storage wallet containing a variety of tokens amounting to $61 million.

From the incident, it appears as if the hacker had already gained access to the wallet since the hack took place right after collecting a significant number of tokens.

Shopin expressed its dismay following the event in its official statement. It also asks all the customers to ‘remain patient’ as the investigations continue for this incident.

“We’re deeply saddened by this news and send our empathy to all of the Japanese members of our Shopin community who have been affected by this stressful news.”

Security Measures Follow Hacking Of Japanese Syndicate Wallet

After discovering the hacking of the Japanese syndicate wallet, they quickly reported the theft to the police in Japan. They have also stated that they involved the top cryptocurrency forensic experts in the world to investigate the matter. Afterward, their next step was to inform the community.

“We’re recently informed that the syndicate lead was not storing our tokens in a cold storage or hardware wallet and that it was clearly vulnerable to an attack,”

says Eran Eyal, Co-Founder and CEO of Shopin.

“We have taken all immediate measures to have the incident investigated. We remain hopeful that the informed authorities will be able to trace the trail of the hack.”

Shopin informed its customers about the hacking incident via Telegram. They also seek help and suggestions from the community to overcome the loss. Furthermore, they pledge to keep their customers updated about the progress of investigations.

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