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Japanese Cryptocurrency Exchange Zaif Resumes Activity Seven Months After Hack

Zaif, the Japanese cryptocurrency exchange that experienced a 6.7 billion yen (around $59.8 million) hack in September last year, announced the transfer of the business from Tech Bureau to Fisco Digital Asset Group (FDAG) will become effective on April 22.

As reported by Cointelegraph Japan on April 20, the exchange will resume its normal activity from the next day, i.e. April 23. Last year in September, around $59.8 million worth of Bitcoin (BTC), bitcoin cash (BCH), and monacoin (MONA) were stolen from the exchange during a hack.

As part of the user compensation plan, FDAG provided financial support of 5 billion yen (over $44.6 million) to Tech Bureau during the acquisition and acquired a majority of the company’s shares. Reportedly, the sale of the exchange is part of the plan to compensate the users who lost Monacoin in the hack after the sale of the business.

The compensation will be made 40% in fiat currency and 60% in crypto, the rate of which will be 144.548 yen ($1.28) per MONA and will be available for withdrawal on April 23.

In mid-March, an 18-year-old hacker was referred to Japanese prosecutors for stealing cryptocurrency after allegedly breaching Monappy, a digital wallet which can be installed on a smartphone, and stealing 15 million yen (over $134,000) of cryptocurrency.

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