Zaif Exchange Reveals Refund Plan for $60 Million Crypto Hack

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Tech Bureau, the firm behind the Japanese crypto exchange Zaif, has revealed a refund plan to compensate users after a $60 million hack that happened on the platform last month. Yet after negotiations, the two made changes to the initial plan with a business transfer approach. Based on the announcement, the two now expect to host shareholder meetings in October before they execute the business transfer on Nov. 22. According to a statement by Fisco, the company started operating a bitcoin exchange in August 2016. Zaif, currently one of the 16 licensed crypto exchanges in Japan, experienced a hack on Sept. 20 when some $60 million worth of cryptocurrencies got stolen, including nearly 6,000 bitcoin.

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Tech Bureau, the firm behind the Japanese crypto exchange Zaif, has revealed a refund plan to compensate users after a $60 million hack that happened on the platform last month.

Tech Bureau said on Wednesday in a release that it signed an agreement with Fisco – a publicly listed investment firm in Japan – to transfer the business of Zaif to Fisco Cryptocurrency Exchange. The two stated this approach would avoid further risks for Fisco and users on the platform.

Zaif, currently one of the 16 licensed crypto exchanges in Japan, experienced a hack on Sept. 20 when some $60 million worth of cryptocurrencies got stolen, including nearly 6,000 bitcoin. Other compromised assets included bitcoin cash and the monacoin cryptocurrency, as CoinDesk previously reported.

As part of the business transfer...

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