Zaif Crypto Exchange Reveals Takeover In New Hack Refund Plan

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Summary

Tech Bureau, the firm behind the Japanese crypto exchange Zaif, has revealed a drastic new plan to compensate users after a major hack last month. According to a statement by Fisco, the company started operating a bitcoin exchange in August 2016. The statement indicated that Fisco would use its own bitcoin and bitcoin cash to refund users who had lost holdings of the two crypto assets. In return, the new owner will take on the responsibility for compensating users who lost funds in the breach. Once the process is complete, Tech Bureau plans to dissolve its cryptocurrency exchange business and cancel its license with the Financial Services Agency, Japan's financial market regulator, the statement said.

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Tech Bureau, the firm behind the Japanese crypto exchange Zaif, has revealed a drastic new plan to compensate users after a major hack last month.

Tech Bureau said in a release Wednesday that it had signed an agreement with Fisco – a publicly listed investment firm in Japan – to transfer in full the Zaif business to Fisco's existing cryptocurrency exchange.

In return, the new owner will take on the responsibility for compensating users who lost funds in the breach. 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 the hack on Sept. 20, when some $60 million in cryptocurrencies were stolen, including nearly 6,000 bitcoin. Other compromised assets included bitcoin cash and the monacoin cryptocurrency, as CoinDesk reported at...

Read the full article @ Coindesk