Hacked crypto exchange Zaif publishes compensation plan
Japanese cryptocurrency exchange Zaif operator Tech Bureau has unveiled a plan to compensate users affected by an attack on the platform last month, when $ 60 million was stolen from it..
On Wednesday, the company issued a press release in which it announced that it had signed an agreement with the Japanese public investment firm Fisco, under which the latter will transfer the cryptocurrency exchange. Both parties to the deal said that this way they can eliminate the risks for Fisco and Zaif users..
Zaif is one of 16 licensed cryptocurrency exchanges in Japan. It became known about her hacking on September 20, although the attack itself took place several days before, but for some time remained unnoticed. As a result, $ 60 million in cryptocurrency assets were stolen from the exchange, including about 6,000 bitcoins, as well as unnamed amounts in Bitcoin Cash and Monacoin.
As part of the deal, Fisco will provide Zaif customers with compensation in bitcoins and Bitcoin Cash held in its reserves. According to the Fisco publication, the company opened its own cryptocurrency exchange business in 2016. Lost Monacoins will be settled with users in Japanese yen at the rate of 144,548 yen or $ 1.28 per unit.
According to the announcement, representatives of both companies must meet by the end of October before the direct transfer of business takes place on 22 November..
The Tech Bureau also announced that it will stop performing the function of the cryptocurrency exchange operator and will apply for the revocation of the license from the Financial Services Agency, which is the regulator of the Japanese financial market..
Following the report of the hack, Tech Bureau entered into an initial agreement with Fisco, under which the investment company expressed its willingness to provide 5 billion yen or $ 44.5 million to support the Zaif compensation plan and obtain a controlling stake in the exchange. In the course of further discussions, the parties to the transaction agreed on a complete transfer of the business.